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Mortgage Payment 

Your Mortgage Payment is more than just the loan payment, it also includes:

  • Mortgage Payment 

  • Interest

  • Mortgage Insurance 

  • Home or Flood Insurance 

  • Property Taxes

Your mortgage company with collect 1/12 of your annual insurance and taxes in your mortgage payment each month and hold in and escrow account.  The mortgage company will pay your taxes and insurance on your behalf.

If is good to review your insurance yearly to make sure your premium does not change.  If it does your mortgage payment will also go up. 

You also need to apply for your homestead exemption annually to reduce your property taxes.

Lee County Homestead Application Link

Collier County Homestead Link


Down Payment 

You will start getting some estimates from your lender.  The term down payment refers to the required percentage of the purchase price that you will be paying as a down payment ... 3%, 3.5%, 5% or 20%.  

You will be given a number we call cash to close.  This number is your down payment + loan closing costs.  Loan closings costs could include loan origination fee, prepayment of insurances, doc stamps and survey.  And if your Realtor has negotiated a closing cost credit it is now applied to reduce your cash to close total. 

Your cash to close must be wired to the title company 24 hours before schedule closing.  This is so that the money is received to proceed to closing and taking possession of your new home. 

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