Today, many Florida mortgage shoppers are calling to compare only the fixed mortgage interest rates.  For example a typical call in client will simply ask “What’s your 30 year fixed rate?”  What they should add to their list of questions is for a written Good Faith Estimate.  This will allow detailed comparison of cost.

You may find a fixed interest rate that beats everyone else’s; however, you must find out if loan origination fees, discount points or other miscellaneous junk fees are being charged.  And by asking for an upfront Good Faith Estimate you can review at leasure and save.  In fact, the best way to compare one Good Faith Estimate to another is to simply ask for the lowest interest rate without any origination fees or discount points. 

Remember, discount points are optional costs the borrower can choose to buy down the interest rate.  And usually for every 1% discount point, the fixed rate is reduced by .25%.  The recovery period is almost always about 5 plus years; so make sure you plan to stay put to recover your choice.

Go out and shop for that great low fixed rate Florida mortgage; but make sure you get it in writing by asking for a Good Faith Estimate.  If you cant get one upfront in writing then you are probably working with the wrong lender.  I recommend contacting a Florida Mortgage Professional and discussing your mortgage options to make an informed decision.

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