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Loan Basics
Welcome to "Loan Basics," your go-to resource for understanding the essentials of home financing. Whether you're navigating different types of loans, curious about the criteria for securing a mortgage, wondering how credit scores impact your borrowing options, or seeking to learn more about Florida homestead laws, you've come to the right place. We provide comprehensive insights and easy-to-understand information to empower you on your journey toward home ownership.
Loan Criteria
At Assure Home Funding, our home loan approval process is grounded in a thorough credit evaluation of a borrower's overall financial history and stability. Meeting the criteria for each requirement does not guarantee approval, as our assessment takes into account a comprehensive view of your financial profile.
Credit Scores
At Assure Home Funding, we understand that good credit is a vital component of the home-buying process. A strong credit score not only enhances your likelihood of mortgage approval but also offers you the benefit of lower interest rates and a wider array of loan options. Furthermore, it can minimize the need for hefty down payments and create pathways to additional borrowing opportunities in the future.
Florida Homestead
What is a homestead in Florida? In Florida, a homestead refers to a permanent dwelling, whether it's a standalone house, condominium, or manufactured home, which the owner uses as their primary residence.
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What are the benefits of homesteading in Florida? The Florida homestead exemption provides property tax relief based on the assessed value of your home, granting exemptions up to a certain value limit. With this exemption, you could decrease the taxable value of your home by as much as $50,000, provided you owned the property on January 1 of the applicable tax year.
