Mortgage FAQ · Florida

Straight Answers About Getting a Mortgage in Florida

The questions people actually ask us, answered plainly. Homesite Mortgage is a family-owned Florida mortgage brokerage in Melbourne, serving Brevard County and the rest of the state since 1999. NMLS #353790.

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Common Questions

What Buyers and Homeowners Ask Us Most

We do not quote rates or costs on a web page, because a real answer depends on your file. What we can do here is explain how the process works, what a broker actually does, and what to expect — so you can decide whether it is worth a conversation.

What is a mortgage broker?

A mortgage broker is a licensed intermediary who works with many different lenders on your behalf, instead of offering the products of a single institution. Homesite Mortgage is a Florida-licensed mortgage brokerage, NMLS #353790. We take your application, review your situation, and shop it across the lenders in our network to find a fit. You deal with us the whole way — there is no call center.

Should I use a mortgage broker or go straight to a bank?

A bank can only offer you its own loan products. A broker compares options across multiple lenders, which matters most when your situation is not a neat fit for one institution's guidelines — self-employment, an investment property, or credit that needs a closer look. The tradeoff is that a broker is a smaller shop. At Homesite that means the person who answers the phone is part of the team handling your loan.

What is the difference between being prequalified and being preapproved?

Prequalification is an initial review based on information you provide. It is quick and gives you a sense of direction. Preapproval goes further — the lender verifies your income, assets and credit against actual documentation. Sellers and listing agents generally take a preapproval more seriously because it has been verified. Neither one is a commitment to lend, and both remain subject to final underwriting.

How do I get a preapproval letter so I can make an offer on a house?

Start with a prequalification so we understand your goal, then we will tell you exactly which documents to send. Once those are reviewed and submitted to a lender, a preapproval letter can be issued for you to include with your offer. If a listing agent has already put you under time pressure, say so when you call 321-751-4403 and we will tell you honestly what is realistic.

What documents will I need to apply for a mortgage?

It varies by loan type and situation, but most files begin with photo identification, recent income documentation, tax returns or W-2s, and recent statements for the accounts you plan to use. Self-employed borrowers can often use bank statements instead of tax returns. We send you a list specific to your file rather than a generic checklist — there is no reason to gather paperwork nobody needs.

How long does the mortgage process take?

It depends on the loan type, the property, and how quickly documentation comes back. The part you control is document turnaround. The parts you do not control are appraisal scheduling and the lender's underwriting queue. We give you a realistic timeline for your specific file rather than a marketing number.

Can I get a mortgage if I am self-employed or own a business?

Yes. Self-employed borrowers often have a hard time at banks because tax returns understate real income after deductions. As a broker we have access to bank statement and other non-QM programs that evaluate income differently. If a traditional lender has already turned you down, that is worth a second conversation — it is frequently a program-fit problem rather than a you problem.

Can I finance an investment property in Florida?

Yes. DSCR loans qualify the property on its own rental income rather than on your personal income, which is often a better fit for investors. We also handle conventional investment financing. Tell us what you already own and what you are buying, and we will point you toward the right structure.

Will getting prequalified affect my credit?

Starting a prequalification with us involves no hard credit pull. When you move toward a formal preapproval and application, a credit check becomes part of the process, and we will tell you before that happens. You will never be surprised by an inquiry.

Who will I actually be working with?

Tom Culpepper, NMLS #353539, is our principal broker and reviews every submission personally. Tracy Cody, NMLS #886861, and Brandon Culpepper, NMLS #1577726, round out the licensed team. Lizzie answers the phone. Your file is not handed off to a stranger in another state.

Where in Florida does Homesite Mortgage lend?

We are based at 2754 Aurora Road in Melbourne and work throughout Brevard County — Palm Bay, Viera, Titusville, Rockledge, Cocoa and Merritt Island — as well as across the rest of Florida. We are licensed in Florida only.

What does it cost to work with a mortgage broker?

Broker compensation is disclosed to you in writing before you are committed to anything, exactly as federal rules require. What we will not do is quote a figure on a web page. Costs depend on the loan, the lender and your situation, and anyone giving you a firm number before seeing your file is guessing.

Will a lender finance this Florida condo?

Not always, and it is worth checking before you write an offer. Lenders classify condo projects as warrantable or non-warrantable using factors like how many units are rented rather than owner-occupied, whether a single owner holds too much of the building, the association's reserves, and any pending litigation. A building that fails those tests can still be financed, but through different programs and not by every lender. Send us the building name early and we can usually tell you quickly whether it is going to be straightforward. Florida law also entitles a resale buyer to request the association's most recent structural integrity reserve study — or a statement that one has not been completed — and, where one applies, the inspector's summary of the building's milestone inspection (Fla. Stat. § 718.503). Ask for both early. They cover much of the same ground a lender reviews, so they are the quickest way to find out whether a building is going to be straightforward.

My homeowners insurance quote came in much higher than expected. Does that affect my loan?

It can. Insurance is part of what a lender counts when assessing affordability, so a large quote can change what you qualify for even though nothing about your income changed. In Florida this comes up constantly, especially near the coast and on older roofs. Get quotes early rather than at the end of the process, and tell us what you are seeing — a wind mitigation inspection or a different carrier sometimes changes the picture materially.

How much does my credit score matter when buying in Florida?

It matters, but far less on its own than most people expect. Lenders read it alongside your income, your debts and the rest of your file, and different loan programs weigh it differently. We cannot tell you a magic number and neither can anyone else who has not seen your file. What often matters more in practice is whether the score is stable or still moving, and why it sits where it does. We will look at yours and tell you plainly which programs are realistic — including whether waiting a few months would meaningfully change your options.

Can I get a mortgage on 1099 or bank statement income?

Yes. Self-employed and commission-based borrowers often look weaker on tax returns than they really are, because deductions reduce the income a traditional lender counts. Bank statement and other non-QM programs assess income differently, looking at deposits over a period rather than net profit. If a bank has already declined you, that is frequently a program-fit problem rather than a verdict on your finances.

What can cause a preapproval to fall apart after it is issued?

The usual culprits: opening new credit or financing a car mid-process, changing jobs or moving from salaried to self-employed, large deposits you cannot document, letting an account go past due, or the property itself running into an appraisal or insurance problem. A preapproval reflects your file at a moment in time and everything is re-verified before closing. The rule of thumb is simple — until you close, change nothing about your finances without asking us first.

How do I compete with cash offers?

Sellers take cash because it feels certain, so your job is to remove their uncertainty. A fully underwritten preapproval, where a lender has already reviewed your actual documentation rather than just what you told them, is far stronger than a basic prequalification letter. Being reachable matters too: listing agents call the loan officer to test whether a buyer is real, and reaching a person in Melbourne rather than a call center queue genuinely moves offers.

How do I confirm Homesite Mortgage is a licensed broker?

Look us up on NMLS Consumer Access at nmlsconsumeraccess.org. Homesite Mortgage Corporation is NMLS #353790. Tom Culpepper is #353539, Tracy Cody is #886861, and Brandon Culpepper is #1577726. The registry shows current license status for the company and for every individual originator. You should check this for any mortgage company you talk to, not only us.

Still Have a Question?

Ask a Real Person

Call 321-751-4403 and you will reach our office in Melbourne, not a call center. Or start a prequalification and Tom will review it personally. There is no hard credit pull to get started and no obligation.

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This page is general information, not an offer of credit or a commitment to lend. All loans are subject to credit approval and underwriting. Homesite Mortgage originates loans in Florida only.

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