Mortgage Learning Center | FAQs, Guides & Glossary

Guides

Pre-Qualification vs. Pre-Approval: What's the Difference?

Understand the difference between mortgage pre-qualification and pre-approval and why it matters when you make an offer in Florida.

Documents to Gather Before You Apply

A checklist of documents commonly needed for a mortgage application in Florida: income, assets, ID, VA COE and more.

Florida Homebuying Costs to Plan For

Plan for the full cost of owning a Florida home: insurance, flood zones, property taxes, HOA and condo fees, and closing costs.

Frequently asked questions

How much do I need for a down payment?

It depends on the program. VA loans offer down payment flexibility for eligible borrowers, and FHA and some conventional programs offer low down payment options. Down payment assistance may also be available. I'll review your options based on your situation.

What's the difference between pre-qualification and pre-approval?

A pre-qualification is an initial estimate based on information you provide. A pre-approval involves a full application, a credit review, and verification of income and assets, which makes it much stronger when you make an offer.

Will checking my options hurt my credit?

The pre-qualification form on this site doesn't pull your credit. A credit report is pulled only with your authorization when you apply.

Can I use a VA loan more than once?

In many cases, yes. VA entitlement can often be restored or reused. Eligibility depends on your service history and prior VA loan use.

What is a mortgage broker?

A mortgage broker works with multiple wholesale lenders to compare loan options for you. Household Mission Mortgage, LLC is a mortgage broker, NMLS #2443063.

Do you work outside Broward and Palm Beach?

Yes. I'm licensed in Florida and can help borrowers anywhere in the state.

What are closing costs?

Closing costs are fees and prepaid items due at closing, such as lender and title fees, appraisal, recording fees, and prepaid taxes and insurance. You'll receive a Loan Estimate that itemizes them after you apply.

Mortgage glossary

APR: Annual Percentage Rate: the cost of credit as a yearly rate, including interest and certain fees.
Appraisal: An independent estimate of a property's value.
Closing Disclosure: A form you receive at least 3 business days before closing that details final loan terms and costs.
DTI: Debt-to-income ratio: your monthly debts divided by gross monthly income.
Escrow: An account used to pay property taxes and insurance on your behalf.
LTV: Loan-to-value: loan amount divided by the property's value.
PITI(A): Principal, interest, taxes, insurance (and association dues).
PMI / MIP: Mortgage insurance for conventional (PMI) or FHA (MIP) loans.
Rate lock: An agreement to hold an interest rate for a set period.

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