Answer 5 questions and we tell you how many properties for sale today are within your reach.
5 questions. Free.
Nelson Paredes, REALTOR®, through One Stop Realty Center Inc, a licensed Florida broker.
Umbralio tells you how many properties for sale today in Miami-Dade or Broward fit your monthly payment. You answer 5 questions (where you want to buy, how much money you have, how much you earn a month, how your credit is and whether you already have a letter from a lender) and we count them in the MLS, the list of properties for sale kept by MIAMI REALTORS®. We also tell you what you would pay on closing day and each month, and what you are missing if it is not enough.
What you pay on closing day has two parts: the down payment and the closing costs (taxes, the first year of insurance, paperwork and what your lender charges).
The down payment depends on your credit. With 580 or more, the government loan (FHA) asks for as little as 3.5% of the price. Below 580, few will lend to you and they ask for 10%. That is why, with the same savings, two people reach different prices.
The monthly payment includes the loan, the property taxes and the insurance. Each property also adds its own maintenance fee (the building or HOA fee), which is why two properties at the same price can have very different payments.
What you can afford comes from what you earn a month before taxes: lenders only accept that a share of it goes to housing. The calculation uses the published average interest rate, with its date, and does not count your other debts: those we go over with you.
From the MIAMI REALTORS® MLS, the list where agents publish properties for sale. It is counted once a day for each county, and the result shows the date and time of the count, in Miami time.
It counts single-family homes, townhouses and condos that are for sale that day and whose monthly payment, including their maintenance fee, you can afford.
No. It is a calculation based on what you told us, not an approval: how much you are lent is decided by the lender. A property fitting your payment does not mean you will get a loan for that specific property.
Umbralio is not a bank or a government agency.
No. We do not check your credit: you pick the range your score is in, and the result comes without asking for your exact score or your Social Security number.
The result tells you how much you are short on closing day and what changes it: saving a little more, earning a little more or buying with someone, or getting your credit to 580.
It also tells you how many down payment assistance programs take applications today in your county. The county, the state and some cities give them, and which ones fit you depends on what you earn and where you buy. And if you do not have a lender’s letter yet, we help you get it.
Nelson Paredes, REALTOR®, through One Stop Realty Center Inc, a licensed Florida broker. Miami-Dade and Broward.