Financing | Buyer Resources | Jeff Lichtenstein
Home  >  Buyer Resources  > 



How Much Can I Afford?

Click here for our mortgage calculator

What is the difference between 'Pre-Qualified' and 'Pre-Approved'?

If you are 'pre-qualified' you have determined with a loan officer what price you can afford based on the down payments, your debts, and the amount the mortgage company will approve for your mortgage. Being 'pre-qualified' is only a determination of your probable credit. If you are 'pre-approved', your credit, employment, and funds have been approved by a lender and makes any offer you make much more attractive to potential sellers.

What are closing costs?

Closing costs are accumulations of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually 4-7% of the total sales price of a property. Some of the closings costs you might encounter are application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners association fees, loan fees, mortgage insurance, origination fees, tax registration, and title insurance.

What is a point?

One point is equal to 1% of the new loan amount. Whenever government regulation, state usury laws, and/or competitive practices prohibit the lender from changing a rate of interest that would make a real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging 'points', the lender can bring the real estate loan up to those other investments.

What is earnest money?

When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is a full acceptance of the offer. Typically an earnest deposit is 5-10% of the offer.

What is title insurance?

Title insurance protects the named insured against loss of defects, liens, encumbrances, adverse claims, or other matters not shown or disclosed to the new owner that attach before date of policy.

First-Time Home Buyer?

Refer to this site for more information on tax credit for first-time home buyers.

For expert financial advice, and to get pre-approved, contact:

Larry Goldstick, President
Goldpoint Mortgage Group, LLC

Telephone: 561-575-4456
Address: 601 Heritage Drive - Suite 154, Jupiter, Florida 33458
Commercial | Residential

I have known Larry Goldstick ever since we both lived in my hometown of Chicago. Larry is President and Owner of Goldpoint Mortgage Group, LLC., based in Jupiter, Florida. He prides himself on the highest service standards and delivers what he promises. In addition to having the best Conventional and Jumbo rates and programs he also has a variety of products for Foreign Nationals as well as no-income and no-asset verification products that help self-employed borrows and investors achieve the hard-to-find type of loans. He is always available even during nights and weekends to take your calls and answer any questions you may have.

Michael Aubrey
TBD Bank

Telephone: 561-629-3020
Address: 316 North Lake Blvd, North Palm Beach, Florida, 33408
TD Mortgage Rates:

Michael Aubrey has 25 years lending and banking experience and is a Palm Beach resident. He is with TD Bank, which has been in business 155 years and has excellent and competitive rates and programs to fit any borrower's needs. Conventional - Jumbo - Adjustable - FHA/VA loan types available. According to Michael, TD Bank is one of only 4 banks in the world with a Triple A rating and the one in the US. TD did not receive any government TARP money and is eager to lend based on credit qualifications. TD Bank retains their mortgages and has over 1000 stores from Maine to Florida.