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Whether you’re on the buying or selling side, the purchase of a new home is a commitment that requires planning and responsibility. When purchasing a new home in Florida, it’s important to balance the excitement of your new home in paradise and the reality of the transaction itself. The most common question that arises, of course, is where the money is going to come from. It’s impossible in every sense to purchase a home without having some degree of savings to apply to the cost. Depending on your credit and type of mortgage, though, there are some other ways to help increase your capital.Home loans can come from a variety of locations. In addition to the savings account mentioned above, new buyers often turn to their bank, a mortgage company, a credit union, a government program, a sympathetic family member, or even the home seller themselves. Even when borrowing from someone you know and trust (like crazy Aunt Arlene who put the eggs in the microwave last Easter), it’s important that you recognize the responsibility of taking out a loan, and make every assurance that you will be able to repay it in the future.The aforementioned mortgage company can be quite intimidating if you’re not certain what you’re getting into. Make sure you know how mortgage companies work before getting involved with one. A mortgage broker sells mortgages (a loan secured by real property) for different banks and other lending agents. Mortgage brokers are paid a commission by the lender that can be either a flat fee or a percentage of the loan. There are several benefits to working with a mortgage broker, including getting a cheaper annual percentage rate (APR), a sliding lock which lets you restart an APR lock with little to no extra charge, and finding more loans for which you’re eligible than you could through a bank alone.How much is too much? Loans are life preservers, intended to keep you afloat for a finite amount of time, not lifeboats that will sail you out of your difficulties. The maximum mortgage payment you should take out is 29 of your gross income. Together with your non-housing expenses, these payments should not be more than 41 of your gross income.The worst case scenario for failing to pay a loan is known as foreclosure, when the lender takes your house and sells it in order to cover your loan. If the sale does not cover the full remaining amount of the loan, the lender can also order a deficiency judgment against youan unsecured money judgment in which you are responsible for the balance, either through income or other assets.However, with proper planning, such an instance is a remote possibility. The purchase of your home should be recognized as the momentous achievement it is, and you should be secure in your ability to pay off all expected loans in a timely manner that suits both you and your lender.