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Testimonials:

 Thank you for putting up with us! (haha) You made it so easy. Please keep in touch. Let us know if we need to refinance. Thanks again. You're Awesome! Julie-John S. Jacksonville, Fl.

 Thank you again for all your help! The advice  on our other house was perfect. That made life a lot easier. By the way, Beth told her friend at work about you already. Best wishes. Don-l-Beth M. Middleburg, Fl. 

 I can now tell you that I shopped everyone. You were right in line with the "tree" and Bank Rate (you were less). Best part was your process. Very easy. Thanks Again. Mark-Lori B. Fort Lauderdale, Fl.

Tom, If first impressions are anything, we are going to love the people in Florida. Thanks for making our move so easy. Don't forget to call us if you're in Tampa. All the best! Paul G. Tampa ,Fl.

 
1. How do I know how much house I can afford? Answer
2. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
3. How is an index and margin used in an ARM? Answer
4. How do I know which type of mortgage is best for me? Answer
5. What does my mortgage payment include? Answer
6. How much cash will I need to purchase a home? Answer

Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Tom Correia can help you evaluate your choices and help you make the most appropriate decision.
 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
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    Q : How much cash will I need to purchase a home?
    A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
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    Testimonials-

     I have had to get several mortgages because of  travel in my sales career. The Only Mortgage Co. had the best rate around and by far the easiest process ever.  Have anyone call me that needs to. Mike-Karen P. Jacksonville .Fl

    I shopped  both Lending Tree and Bank Rate. You  beat all companies that responded  by more than what we talked about. Thanks for the closing cost explanation. That Lending Tree guy is still trying to figure it out.  Thanks.  Bill-Carol S. Gainesville Fl.

    Tom, thanks for all of your help. You made our lives a lot easier. I will let everyone know about The Only Mortgage Co. Keep in Touch. Tim S. Alachua, Fl.

    Tom, you are a life saver. I will admit, I didn't think we could get that rate! Thanks again for all your help and looking out for us. Tom-Donna G. Boca Raton, Fl.

    TC, you are exactly what my mom and dad said. Thanks for making it easy for me. I'll be talking you up with my friends. Take Care. Ryan G. Delray Bch., Fl.