Your Financing Roadmap
Mortgage &
Financing Guide
Understand your loan options, estimate your payment, and get connected with trusted Palm Beach County lenders.
6.875%
Current 30-yr Rate
Avg. conventional
6.25%
Current 15-yr Rate
Avg. conventional
$806,500
Conforming Limit
Palm Beach County 2026
14%
Avg. Down Payment
Palm Beach County buyers
Run the Numbers
Payment Calculator
Mortgage Calculator
Estimate your monthly payment
Estimated Monthly Payment
$3,525
Principal, interest, taxes, insurance
Estimates only. Contact a lender for exact figures.
Know Your Options
Loan Types Explained
The right loan depends on your credit, down payment, and how long you plan to stay. Here's a clear breakdown of the most common options in today's market.
Conventional Loan
Min. down: 3–5%
Strong credit buyers, move-up buyers
Pros
- No upfront mortgage insurance
- PMI drops off at 20% equity
- Flexible loan amounts
- Competitive rates with good credit
Cons
- Higher credit score required (620+)
- Stricter debt-to-income limits
FHA Loan
Min. down: 3.5%
First-time buyers, lower credit scores
Pros
- Credit scores as low as 580
- Lower down payment
- More flexible DTI ratios
- Assumable by future buyers
Cons
- Upfront MIP (1.75%)
- Monthly MIP for life of loan
- Loan limits apply
VA Loan
Min. down: 0%
Veterans, active military, surviving spouses
Pros
- No down payment required
- No PMI ever
- Competitive interest rates
- No prepayment penalty
Cons
- VA funding fee required
- Must meet service requirements
- Primary residence only
Jumbo Loan
Min. down: 10–20%
Luxury homes above conforming limits
Pros
- Finance high-value properties
- Competitive rates for strong borrowers
- Various term options
Cons
- Higher credit score required (700+)
- Larger reserves required
- More documentation
ARM (Adjustable Rate)
Min. down: 5%
Short-term owners, rate-sensitive buyers
Pros
- Lower initial rate
- Good for 5–7 year ownership
- Rate caps limit exposure
Cons
- Rate adjusts after fixed period
- Payment uncertainty long-term
- Harder to budget
Rate Buydown
Min. down: Varies
Buyers wanting lower early payments
Pros
- Reduced rate for 1–3 years
- Lower initial payments
- Seller can contribute
- Refinance when rates drop
Cons
- Upfront cost (points)
- Rate resets after buydown period
- Only worthwhile if you stay
Step by Step
Getting Pre-Approved
01
Check Your Credit
Pull your credit report from all three bureaus. Scores of 740+ get the best conventional rates. Dispute any errors — even small corrections can move your rate.
02
Calculate Your Budget
Most lenders use a 28/36 rule: housing costs ≤ 28% of gross income, total debt ≤ 36%. Use our calculator above to estimate your comfortable price range.
03
Gather Documents
Prepare 2 years of tax returns, W-2s or 1099s, 2 months of bank statements, pay stubs, and ID. Self-employed buyers need additional documentation.
04
Get Pre-Approved
A pre-approval letter (not just pre-qualification) shows sellers you're serious. In Palm Beach County's competitive market, most listing agents require it before showing.
05
Rate Shop
Get quotes from at least 3 lenders within a 14-day window — credit bureaus treat multiple mortgage inquiries as one. Compare APR, not just rate.
06
Lock Your Rate
Once under contract, lock your rate for 30–60 days. In a volatile rate environment, locking protects you from increases while you're in escrow.
Florida-Specific
What Florida Buyers Need to Know
Buying in Florida comes with unique financial considerations that can significantly affect your costs and purchasing power.
Homestead Exemption
Florida's Homestead Exemption reduces your assessed value by up to $50,000 for property tax purposes. File with the Palm Beach County Property Appraiser's office by March 1 of the year after you close.
Flood Insurance
Many Palm Beach County properties are in FEMA flood zones. Flood insurance is separate from homeowners insurance and often required by lenders. Budget $1,500–$4,000/year depending on zone and elevation.
No State Income Tax
Florida has no state income tax, which effectively increases your purchasing power compared to high-tax states. Factor this into your overall budget when relocating from NY, NJ, CT, or CA.
Closing Costs in Florida
Expect 2–4% of the purchase price in closing costs. Florida has a documentary stamp tax on the deed (0.7% of purchase price) and on the mortgage note (0.35%). Buyers typically pay title insurance.
Ready to Get Pre-Approved?
A local Palm Beach County agent can connect you with trusted lenders who know this market inside and out.