The Basics of Mortgage Payments

Parkland, Coral Springs, and nearby areas — A mortgage is an agreement between you and a bank (or another lending institution) wherein you borrow money to buy real estate (e.g. a home or a plot of land). The collateral is the property itself...

Your obligation is to pay them back with interest over a number of years.

Once you make all the payments, you will own the property free and clear.

If you fail to make the payments, you will face foreclosure.

Getting a mortgage to buy a home is quite common, but we are seeing more cash buyers in some areas here in Broward County. For example, all-cash transactions accounted for almost half of single-family home sales in Parkland last September 2024.

The Monthly Mortage Payments

It will generally consist of these parts: principal, interest, taxes, insurance (PITI).

The monthly mortgage payment will include a portion of the principal with interest plus the following if bundled in an escrow account: property taxes, homeowner's insurance, mortgage insurance* and other types of insurance if applicable.

*Mortgage insurance or private mortgage insurance (PMI) is usually required if your down payment is less than 20% for a conventional loan.

Related: No down payment mortgage

🛈 REMINDER Your monthly mortgage payments can increase or decrease over time because of changes in taxes and insurance premiums.

How to Get a Mortgage

Once you get your finances ready (i.e. stable job, saved money for the down payment, improved your credit score if needed, assessed your monthly expenses), go to your bank or lending institution. Tell them that you want to start the process of getting pre-approved for a mortgage.

You can also call us and we can refer you to our trusted mortgage partners.

If you are looking for a home, you can use these one-click links:

  • Parkland homes for sale

  • Coral Springs homes for sale

  • Deerfield Beach homes for sale

  • Tamarac homes for sale