getting a mortgage in florida

What Monthly Mortgage Payment Can You Afford?

The majority of people always shop price verse quality, you may ask yourself such questions as; “Is this better deal?” or “What’s the unit price on this BOGO?” On the other hand there are times where you might say “the more I spend the better product I get” but this is when you must ask yourself, is the sky really the limit? What about when you are looking to purchase a home, do these rules still apply? No matter what your situation is, there are guidelines that will help steer you into YOUR affordability range for a home.

There are several “rules of thumb” often used to help people estimate the size of mortgage for which they might qualify. Besides understanding that you will have to pay for this every month, even if money gets tight, there are items that lenders look for. Lenders will often qualify people to borrow between 2 and 2-1/2 times their gross annual income. However, keep in mind that lenders are often willing to approve a larger loan than homebuyers feel they could comfortably afford or want to assume. This is what I like to refer to as the grey area where there is a huge chance you shouldn’t encroach on but you may want to just to see the difference between what you can comfortably qualify for and what would “make things tight” each month.

Another rule of thumb is that people should spend no more than 28 percent of their gross monthly income on housing expenses. (Monthly housing expenses include the principal, interest, property taxes, homeowners insurance and private mortgage insurance, when required). These are the expenses that typically are not carefully considered and can fluctuate greatly and push you into that grey area I was referring to. The information on these variable expenses is not hidden you just need to be aware of them. For example if your taxes are $2K a year and the HOAs are another $240 each quarter that this literally bumps your payment another $250 each month.

To put this into perspective you may be purchasing a smaller place in a more convenient location with a mortgage of $1450 each month while you could be searching in a different area with no HOAs and cheaper taxes bringing you closer to a $1200 mark. One more additional tip is that your monthly housing expenses and other long-term debts should not exceed 36 percent of a household’s gross monthly income. The best examples for long-term debt could be items like student loans and car loans. Of course you have already considered this against your monthly budget but when qualifying for a home loan these are items that are added during the process.

We will consider this the very first step on the road to homeownership. The nice thing is that when you are able to complete your footwork upfront you allow yourself no surprises and a confident look into whether this is something you can really afford or if the timing just isn’t right.

If you are currently in the process of buying a new home in Florida make sure to use the resources on www.MoversAtlas.com to help you make an informed decision on where exactly you want to live!



florida mega mansion for sale

3 Extravagant Mansions For Sale Right Now in Florida

Florida is known for having some of the nicest (and priciest) homes in the United States. We decided to do a little research and compile a list of a few of the most expensive houses for sale right now in Florida. Keep reading to see these extravagant mega mansions!

waterfront mansions in florida for sale

There is a home at 935 Hillsboro Mile, Hillsboro Beach, Florida on a strip that is known to be called “Millionaire’s Mile”. The home (If that’s what you want to call it) has a total of 11 bedrooms and 17 bathrooms. This place has a grand total of just under 42 thousand square feet! Sure any huge piece of property can be purchased out in the middle of nowhere just to be developed with a lonely old mansion. Not this place, how about your front AND back yard being on the water? This place is equipped with 465 feet of ocean in the front and 492ft of intercostal out back to dock your mega yacht.

florida luxury real estate

The home has a 4,500 square foot pool (larger than most homes) with an infinity edge, 6 water features including a 26 foot 3 tier fountain, plunge pool, putting green and a 30 car garage (yes 30! not a typo). Just as you walk in you are brought into the view of a grand staircase made of marble with steel-iron railing that took craftsman more than two years to the tune of $2 million to build. The information on this place is endless but the pictures speak a thousand words. The place was built in 2014 and has an asking price of $139,000,000, for the record the mortgage would be about a half of a million dollars a month!

The next place is substantially cheaper and smaller, but that doesn’t mean this house is amazing. 775 S Mashta Drwaterfront real estate in miami florida in Key Biscayne, Florida lays a 5 story, 6 bedroom and 8 bathroom mansion with 11,500 square feet of paradise. This property has been said to be the greatest property in south Florida. The 2 acre gated estate sits on its own private peninsula overlooking Biscayne Bay with 2,000 feet of water frontage and a 360 degree view of beautiful crystal clear water and Miami. The house is built on property that essentially has its own lagoon for boats to pull up and dock enabling the water way to have little current to interrupt you as you park the mini yacht. Rumor has it this property was a playground for America’s elite at the turn of the century such as the Vanderbilt’s and Carnegie’s. Words can’t even explain how awesome this place is. At a cool $60,000,000 you can buy this beautiful Miami paradise.

1 Star Island drive sounds like an address out of Gilligan’s Island but this house in Miami Beach is far from the 1 star island for salecivilization at Gilligan’s island. This home is nestled in between some of the most elite homes located on Star Island. The home sits on over 1.3 acres with 240 feet of beautiful clear sparkling water of Biscayne Bay and a great view of Downtown Miami. The estate is a two story 4 bedrooms, 5 bathrooms house along with a private guest house equipped with 3 bedrooms and 3 bathrooms. Once again just another unique piece of Florida real estate found with a price right at $40,000,000.

If you are looking to buy one of these mega mansions or maybe something a little cheaper like a regular house or condo in Florida than take a look at the tools on MoversAtlas.com to research your new home along with the surrounding neighborhood and community!



homes for sale in sarasota fl

Sarasota Area Ranked Highest Well-Being Level in U.S.

Sure you have heard things such as “decrease your morning commute and increase your health” or “lower your stress and live a longer happier life” these are things along with the occasional gym session that can give you a better quality of life. But what about where you live?!

It seems crazy but where you live correlates back to level of stress relief and level of happiness. There is a recent study that indicates that if you live in a prosperous location with good financial standing, sense of purpose, and community that can play a big role in all your happiness. Taking all of this into account the Gallup’s annual Well-being Index ranked the North Port-Sarasota-Bradenton metropolitan area as the location with the highest well-being in the United States. Gallup conducted 176,000 interviews with residents of ALL 50 states on topics including physical health, financial stability, community activity, and supportive relationships.

Sarasota, Florida is known for its incredible beaches and some of the best sunsets you have ever seen. The city has a population of around 53,000 people and a land area of 26 square miles with about 40% of that being shoreline and water. The economy is nothing but thriving with an unemployment rate of 5% which is almost 1.5% lower than the rest of the US along with recent job growth of 5% compared to the US overall at 1.1%. Of course Florida doesn’t have an income tax and the household average income is right at $41K which seems low but isn’t that a good thing when you don’t have to make a ton of money to get by? When things are affordable for the working class including homes and overall cost of living I see this as a huge plus.

There are all kinds of jobs available here from all different disciplines with the highest percentage being “Sales, office, administration support” at 25% followed by “Management, business and finance” at 13%. Of course there is a niche for anything from engineering to education and food prep and serving. This area like the rest of the US was hit by the recession and home prices that were drastically “adjusted” which may have drove a lot of the super wealthy to other places which just makes it even more affordable.

So the location is affordable, heavily visited by tourists, which helps maintain the great economy and has a ton of things to do on the weekends. Also, Siesta Key Beach (in Sarasota) has been rated the number ONE beach in the NATION several times by many different people. The sand is described as white powder like sugar, super soft and super fine. They have a multitude of intercostal waterways, land or pier fishing spots that can be tapped anytime. Another huge plus that many people don’t know is that Florida is actually the number one state with the most golf course in the US at 1,261 and over 30 of them are in Sarasota alone!

Taking all this information into account it is no wonder why Sarasota, Florida was ranked as the city with the highest level of well-being in the United States. If you are thinking about moving to Sarasota or another great area in Florida make sure you use the tools on MoversAtlas.com to research your new potential neighborhood and community.