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Mortgage Glossary

Homestead Exemption

Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker

Florida's homestead exemption lowers the taxable value of your main home. That cuts your yearly property tax bill. It applies to your primary residence.

What Homestead Exemption means

It also offers some protection from creditors. You apply for it after you buy. The savings repeat every year you own.

Florida example

A Florida owner claims the exemption on their primary home. Their tax bill drops. We remind every buyer not to miss it.

What it is

Florida's homestead exemption lowers the taxable value of your primary home. That cuts your yearly property tax bill.

It also offers some protection from creditors.

Why it matters

The homestead exemption can save Florida homeowners real money each year. You apply after you buy.

We remind every buyer to claim it. Apply now and we will make sure you do not miss the savings.

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Official resources

Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.

Related Mortgage Terms

Housing Expense RatioThe housing expense ratio, or front-end ratio, compares your total monthly housing payment to your gross monthly income.Housing RatioThe housing ratio is the percentage of gross monthly income consumed by the total housing payment, the same as the front-end ratio.HUD-1 Settlement StatementThe HUD-1 Settlement Statement was the itemized list of all closing charges, largely replaced by the Closing Disclosure for most consumer mortgages in 2015.
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