Mortgage Toolbox

Florida Mortgage Calculator

This mortgage calculator can be used to give you an estimate on your monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator estimates in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. It also will factor in the town property taxes, and their effect on the total monthly mortgage payment.



Purchase & Financing Information
Sale Price of Home:   (In Dollars)
Percentage Down:  %
Length of Mortgage:  years
Annual Interest Rate:  %
Explain Calculations:  Show me the calculations and amortization
  



Have questions about documentation? Here's what you need to know:


As you may know, a great deal of paperwork is required to obtain a mortgage. In an effort to help you stay organized, we've put together a checklist of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide as we work to establish your loan, and click here to download your free documentation checklist guide:

The following documentation is usually required during the loan process:


  • Most recent 30 days of pay stubs from all jobs

  • Most recent 2 months of bank statements

  • Most recent 2 years of W-2s from all jobs

  • Most recent 2 years of Federal Tax Returns if you file a schedule C, E or F or claim employee business expenses

  • Copies of state issued picture ID


The following additional documents may be required if they apply to you:


  • Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in last 7 years

  • Foreclosure documentation (Sheriff Sale Deed)

  • Divorce decree if ongoing financial obligation or property award is involved

  • Copy of all child support orders

  • Social Security award letter

  • Income Award letters (social security, pension, VA disability)

  • Current 401k, IRA or investment account statement

If you are a veteran applying for a VA loan, the following documentation will be required:


  • Copy of DD214 if discharged from the military within the last two years.

  • Copy of LES if using military pay to qualify

  • Proof of any additional military/VA pay


Please keep in mind:


  • Documents must be submitted in their entirety

  • We always need consecutive documents

  • If you have received a financial gift to help with your down payment, the donor will need to fill out a gift letter and provide a bank statement to verify they have sufficient funding


Preferred Method of delivery is emailed PDF, but fax, mail, and, hand delivery methods are also acceptable. Additional documentation may be required.


Confused by all the finacial jargon surrounding the mortgage process?


You're not alone! Luckily, the Federal Trade Commission has developed an excellent Real Estate Marketplace Glossary for moments like these. Wondering about a term or acronym not included below? Feel free to give us a call! We're always available to help you better understand the process.

Source: FTC

Check out our Mortgage Survival Kit



Spot the Homebuyer's Mistake Quiz

Watch the video above and answer the question when you're done.

What will happen to Tom's credit score?
A. His credit score will go up.
B. His credit score will go down.
This is the correct answer.

Tom was smart to transfer the higher credit card balance to one with a lower rate. However, he erred when he CLOSED the established account. "Average Age of Credit" makes up 15% of your overall score. Closing an old account and opening a brand new one delivered a "double whammy" to the average age of Tom's credit and dinged his score.

So, the lesson here is important - if you're ever faced with a similar decision, even if you pay a credit card off in full, it is recommended that you do not close the account.

C. This will have no impact on his credit score.

Related Videos

What is VanDyk Mortgage’s Perfect Loan Process (PLP)?


At VanDyk, our experienced, licensed team is ready to work with you – from application to closing – to ensure a smooth and efficient loan acquisition process. Our Perfect Loan Process ensures effective communication between all parties in a mortgage transaction during the 30-day closing process.  Our processing team will have your loan submitted to the underwriter within 2-5 days and your loan will be underwritten within 24 hours. You will be in constant communication with your loan processor who will send weekly loan updates and short videos announcing each milestone of the process keeping you completely informed on the progress of your loan.  At VanDyk, we believe that an informed customer is a happy customer, and happy customers are the heartbeat of our business.

Below is a flowchart outlining the important steps of the VanDyk PLP process.  We have also included the Freddie Mac  guide to the overall mortgage process. The process can vary for many reasons. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.

Reach out when you're ready, and we'll help you understand the nuances of your market today.


Source: Freddie Mac

The VanDyk Mortgage Minute


The VanDyk Mortgage Minute is a weekly podcast hosted by Charlie Sundstrom (NMLS #134251), Senior Vice President at VanDyk.