Mike Steele - Florida Mortgage Broker

05/21/2026

A new credit scoring model called Vantage Score is emerging, especially beneficial for first-time homebuyers. It considers rental and utility history, potentially offering higher scores than FICO. This could lead to lower rates, reduced mortgage insurance, and smaller down payments, especially if you have limited credit history or past late payments but have always paid rent on time.

05/20/2026

Shopping interest rates is smart, but it's irrelevant until you have a signed contract on a home. Focus on finding the right house first. Get real-time rate updates on my website.

05/15/2026

As a 30-year veteran, I hate hearing that interest rates don't matter. You need advice, not a sales pitch, when choosing a loan officer for the biggest expense of your life. Don't be sold on higher rates or closing costs. Get the right solution for your family.

05/11/2026

Many believe VA loans are difficult to close or come with extra costs for sellers, but these are just myths. You can buy a home with no money down and aren't limited by conforming loan limits if you have full entitlement. Even with a current VA loan, you can purchase another home with remaining entitlement. Don't let misinformation stop you from using your VA benefits for a great interest rate.

05/10/2026

FHA loans are fantastic for first-time homebuyers, offering a low 3.5% down payment. Mortgage insurance is fixed regardless of credit score, unlike conventional loans. Plus, FHA has more lenient underwriting, accepting lower credit scores and past late payments, often with a better interest rate due to government backing.

05/09/2026

If a lender says no, find out why and take that knowledge to another. As a mortgage broker, I have options. Many loans are approved by lenders willing to look beyond initial rejections. Don't give up!

05/07/2026

Wondering about the best time to buy? Forget the hype. The perfect moment is when *you're* ready. Ready for the monthly payments, upkeep, and the full PITI (Principal, Interest, Taxes, Insurance) plus HOA dues? If it fits your budget comfortably, that's your green light. Don't let FOMO push you. As Zig Ziglar said, 'If it's a good deal now, it'll be a good deal later.' Take your time; it's a huge decision.

05/06/2026

Planning to move within 5 years? Purchasing a home might not be the wisest financial decision, especially with property values not rising as they used to. You likely won't build enough equity or see enough appreciation to make it beneficial. If you do buy, ensure any fixer-upper renovations add marketability and value, as not all improvements guarantee a return on investment.

05/05/2026

Waiting for significantly lower interest rates could mean waiting years. Even a small difference in rates only adds about $100 to your monthly payment. If that difference impacts your budget, you might not be ready for homeownership anyway. Focus on finding the right home, not just the perfect rate.

04/25/2026