Florida buyers told to recalculate budgets as mortgage rates rise

Mortgage Expert says Florida homebuyers with older preapprovals should update payment estimates and shop multiple mortgage quotes before making an offer. The warning comes as national mortgage-rate benchmarks rose from Aug. 13 to Sept. 30, pushing monthly payments higher even when home prices stay flat.

Why it matters: - Higher mortgage rates can raise a buyer’s monthly payment even if the seller does not change the price and the buyer’s down payment stays the same. - Florida shoppers using a payment estimate from several weeks ago may stretch beyond a comfortable budget if they do not recalculate before offering. - Monthly affordability depends on more than principal and interest, including homeowners insurance, property taxes, HOA dues and CDD charges.

What happened: - Mortgage News Daily’s national mortgage-rate benchmark rose between Aug. 13 and Sept. 30. - Shahram Sondi, a Florida-licensed mortgage loan originator with Mortgage Expert, urged buyers with older preapprovals to update their payment estimates before making an offer. - Sondi has been originating mortgages since 2001.

The details: - A preapproval is a starting point, not a fixed monthly budget. - Buyers should ask a mortgage professional to update the numbers for the specific property. - Buyers should compare quotes from banks, credit unions, mortgage lenders and mortgage brokers. - A Realtor referral or an existing bank relationship can be a useful place to start, but neither replaces comparison shopping. - Buyers should compare the same purchase price, down payment, estimated credit score, property type, occupancy and expected closing date across companies. - Buyers should also ask for the same loan program and lock period, preferably on the same day. - The comparison should include rate, APR, discount points, lender or broker fees, lender credits, estimated payment and cash needed at closing. - Zero discount points does not mean zero closing costs. - Preliminary quotes are not final approvals, Loan Estimates or rate locks. - Buyers get a clearer comparison when they review actual proposed terms on Loan Estimates after applying. - Buyers should also ask who will handle the loan and whether the company can meet the contract deadline.

Between the lines: - The warning is about shopping discipline as much as interest rates. - A big-name lender does not automatically mean a better deal, and the cheapest-looking quote is not useful if it cannot close on time. - Sondi said buyers should not assume a later refinance will make today’s payment affordable. - The message underscores a common trap: focusing on the rate alone instead of total cost and execution.

What’s next: - Buyers who are shopping now should refresh their budget, compare offers and request written terms. - Mortgage Expert directs readers to its full guide on updating a homebuying budget and comparing mortgage quotes. - Mortgage Expert is a Florida mortgage broker, not a lender, and serves Florida loans only. - The release says Sondi was recently interviewed by WESH 2 News about rising mortgage rates. - Mortgage Expert lists contact information, including more information.