Sep 18 2007
Florida mortgage refinance? Don’t forget the Loan Amount!
Another Florida mortgage homeowner, during a refinance closing, realized the easy way to compare mortgage Good Faith Estimates, or in this case, the HUD-1 Settlement Statement for sensibility. They were hooked by a well known Florida mortgage lender, advertising through radio ad campaigns, attracts unsuspecting Florida homeowners with their extremely quick closings and seemingly super low fixed interest rates.
It was during the closing that thisFlorida couple started to realize that they were simply paying off a 1st and 2nd mortgage totaling about $160,000. They knew they wanted to roll-in the closing costs; but when they realized that if the new mortgage loan amount was $173,000; then the costs must be $13,000! And they questioned themselves “Is that too much?”
Thats where we came in at BeechTree Mortgage. With one call and a very accurate Good Faith Estimate; we all learned that they could accomplish the same refinance scenario with a loan amount of $164,700. This was enough to pay off both original mortgages and roll-in the closing costs and new escrow account funds.
When you are seeking a Florida mortgage refinance always ask for a Good Faith Estimate in writing before choosing your mortgage professional. And to make shopping for your new Florida mortgage; compare the interest rate of course. But don’t forget the loan amount!
As always feel free to call or write us with any Florida mortgage question; we’re here to help.