Florida Mortgage : Learning Center

Business is busier than ever with many Florida home owners or buyers asking specific mortgage program related questions such as how to finance their home as first time home buyers.  Or how to build their dream home using a specific Florida construction to permanent loan.  Of course, there are still the ones focusing on one thing only, what is the interest rate.  By the way rates went up today, again.

Now I don’t underestimate the basic necessity of obtaining the lowest possible fixed interest rate at the lowest reasonable cost.  However, there is a bigger issue to tackle in today’s credit drought.  Not only have underwriting guidelines changed, but that some mortgage rules are changing while your mortgage loan approval is being processed. 

 This is well after your preferred mortgage professional has discussed several mortgage options and with the borrower has actually narrowed down the selection of mortgages that suits the client’s financial picture perfectly.  After the loan has been approved! 

Recently we have seen construction to permanent rules change even when our Florida resident clients were just a few days away from closing.  Big banks are passing down enormous underwriting and pricing changes eve before their own employees are told what has happened.  This is an unforgiving time in the mortgage industry when very qualified Florida clients are subjected to last minute program changes.  Thats how the sub-prime lenders operated; and look where that got everyone.

I understand lending institutions are constantly recalculating mortgage risk; especially with recent defaults, but at the expense of qualified borrowers?  Not fair.  Make sure when you decide on a specific mortgage loan program you have locked in your interest rate.  Because not only are you locking in the rate, you are locking in the terms and current underwriting guidelines.  Contact your preferred mortgage professional and make sure you are updated with current Florida mortgage related events.

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