Florida Homestead Exemption – What You Need To Know

Florida residents who own and live in their house as their primary residence are eligible for exemptions that can reduce their property taxes. In order to be eligible for a Florida homestead exemption, you must: Contact your county’s property appraiser if you match the requirements and want to submit an application for a homestead exemption. […]

FHA 203(h) Disaster Relief Loan

Through section 203(h), the Federal Government helps victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners. This program provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified disaster victims. Individuals are eligible for this […]

How To Cancel Mortgage Insurance

While U.S. home values have steadied in 2022, increases in recent years could possibly turn into a money-saving opportunity. If you have enough equity in your primary home and made your mortgage payments on time, you may be able to cancel your mortgage insurance allowing you to eliminate thousands of dollars per year in unnecessary […]

Stressed About Applying For A Mortgage? Here’s What To Do

family playing in front of house

Buying a home and applying for a mortgage—especially if you’ve never done it before—can be scary and complicated. There are so many things to consider and steps to take. The best way to avoid expensive mistakes and frustration is to let a professional help you navigate the whole process.  Most people start shopping for homes […]

What is the Underwriting Process?

You are pre-approved, found a home you love, and made an offer. Now your loan is in underwriting. You might be wondering what that means! Here is a brief overview of the process. What is mortgage underwriting? Mortgage underwriting is the process a lender uses to determine if the risk of offering a mortgage loan […]

Why You Need A Pre-Approval Letter

In today’s marketplace, you need a pre-approval* letter. Not a prequalification letter… While they sound somewhat the same, they really mean two different things entirely and if you have the wrong letter in your hand, the sellers may decline your offer and accept another. Prequalification is your very first step when embarking on a home-buying […]

Top Questions You Need Answers to Before Buying a Home!

How Do I Begin the Process of Buying a Home? Ideal Lending has helped thousands of first-time buyers make their dream of buying their first home come true. So how do you begin the home-buying process? The most important thing you can do is to get yourself organized and get a solid education about the […]

Closing Costs Explained

After saving for a down payment, finding the perfect home, and getting approved for a mortgage, closing costs can catch some home buyers by surprise. Mortgage closing costs typically run from 2% to 5% of the loan cost, including property taxes, mortgage insurance, and more. In this article, we will explain closing costs, what the […]

What To Look For In A Mortgage Beyond Just A “Good Rate”

Sure, a low mortgage rate is important. But choosing your mortgage and lender based on rate alone can be a mistake. Here are some other things to consider that can save you significant money and frustration. Term This is the length of time your rate is locked in. Short or adjustable terms generally have a […]

Government vs. Conventional: What’s the Difference?

Government mortgages such as FHA, VA, and USDA are backed and insured by the U.S government, whereas conventional mortgages are insured by private lenders. Qualifications are more lenient for government-backed loans, and both types of mortgages can carry mortgage insurance which protects the lender in case the borrower defaults on the loan. Mortgage insurance is […]