Florida Mortgage : Learning Center

I am talking about today’s fixed mortgage interest rate advertising attempts.  In Florida we hear and read many mortgage related ad campaigns aimed at getting borrowers to call.  One of the most popular mortgage rate comparative web sites, collects information and advertises national mortgage rate averages.  That would be great tool for many Florida home buyers seeking low fixed mortgage interest rates, right? 

However, there is a less focused detail that is written in smaller font and is usually located at the very bottom of what you are reading.  It reads “Mortgage rate may include points”. 

Comparing one mortgage interest rate to another without comparing costs doesn’t make sense.  By comparing fixed interest rates only but not including discount points which some lenders or Florida mortgage companies charge; then there is no real comparison.  Getting a very low fixed rate mortgage is important; but paying thousands of dollars in “fine print” unforeseen discount points may not be so sensible. 

When shopping for fixed mortgage rates in Florida always ask for a Good Faith Estimate with no discount points and no origination fees.  Of course, unless you are dealing with a seasoned mortgage professional you might beware of the fine print too.

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