Florida Mortgage : Learning Center

Thanks goes to the Feds who in the past few weeks lowered the interest rates that banks borrow money.  Traditionally these inspired banks would in turn reduce their interest rates and pass the savings onto consumers.  We’re still holding our breath.

Florida home buyers and homeowners wanting to refinance have found that fixed interest rates are just about where they were 3 weeks ago.  No change.  The change that many Florida mortgage seekers are missing is the availability of credit.  That is, no matter wherefixed Florida interest rates are; many borrowers won’t even qualify for a new mortgage.

Maybe they did last year but the mortgage industry has changed.  Tighter underwriting guidelines with respect to credit scores, loan-to-value decreases, and of course declining market values; have made interest rates take a back seat.  It’s not the fixed interest rate that is making or breaking consumer qualifications for conventional loans. 

Remember, credit scores are important; having a secure job with verifiable income; and of course down payments and/or reasonable savings are more important now to secure that low fixed rate.  Take care of these things first; then, as usual, shop for a great mortgage product that suits your specific needs.  And always use a trusted Mortgage Professional.

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