Can I get a loan even if my credit isn't great?
Yes! Depending on your credit scores and other credit factors you can still get a loan. Sometimes you will have to put more money down or take less money out than you would with good credit, however, you can still get a loan. The better your credit is is, the better interest rate you will get and the less money you will need to put down when buying a home. This applies as well to refinancing, the better your credit is, the better interest rate you will get and the more money you can pull out of your home.
 

What does it mean to "lock in" a rate?
When you apply for a loan you can wait for a while to see if interest rates go down. This is known as a "float." At some point during the loan application and approval process you as the borrower will have to decide to "lock in" the rate, and the rate for your loan will then be the current rate on the day that you lock in. Basically, the decision to float or lock relates to how willing you are to gamble that rates will be lower tomorrow or next week, etc. It usually makes sense to lock in your rate fairly early in the loan process, but it is important to understand that no lender can absolutely guarantee that rates will not drop (or increase) between the time you lock in and when you close on your loan.
 

What is an "escrow" account?
An "escrow," or "impound," account is maintained by your lender to cover the taxes and insurance that must be paid each year for your home. For most loans the lender is provided with the information about the property taxes and homeowners insurance that will be due annually. The lender then divides the total into 12 equal amounts and adds this to the amount that is due on your loan each month. When the taxes and insurance are due the lender makes the payment on your behalf. If you sell your home, any funds leftover in the escrow account will be refunded to you.
 

What is "PMI?"
"PMI" is Private Mortgage Insurance. When you purchase a home, if your down payment is less than 20% the lender will require that you pay for PMI. This insurance policy is taken out on behalf of the lender, to protect the lender's investment in the event that you default on the loan. It is normally included in your monthly loan payment, along with your normal homeowner's insurance and property taxes.
 

What is included in closing costs?
In Florida, closing costs include the following:

•  Appraisal fees
•  Lender fees (charges for underwriting, processing, tax services, document preparation, wire fees, etc.)
•  Title Company charges
•  County and State taxes
•  Survey fees
•  Any necessary escrow or impound amounts, normally several months worth paid in advance
•  Your first year of homeowner's insurance

Although it is not possible to exactly predict the total amount of closing costs, in Florida for a home selling for $100,000 closing costs will average around $4,000. Your mortgage broker or lender should provide you with more exact information well in advance of your closing date.