Florida Mortgage : Learning Center

I recently assisted a new resident of Florida regarding his new home financing in Oviedo, Florida.   He found his dream home from a local builder who of course wanted to make sure he received his mortgage financing from their own mortgage company.  As a matter of fact, the builder even owns the title company.  Interesting.  There are 3 goals to consider while deciding which mortgage company is best.

With this builder’s”one-stop” shopping theory our client walked in, signed the new home contract and received documents regarding his new home mortgage.  Now, the only option provided was a 90% loan-to-value, with monthly private mortgage insurance; and a higher than average fixed interest rate.  Higher fixed interest rates allow builders to contribute towards the buyers mortgage closing costs, and reduce the out of pocket expense for the buyer.  However, the buyer ends up paying even more with higher monthly payments. 

Florida mortgage seekers are always interest rate and closing costs minded consumers; or should be, and thats great.  But don’t forget the 3rd goal in this whole mortgage process.  That is; which mortgage program or scenario, of thousands, should a specific Florida resident-to-be obtain?  That is the job a true Florida mortgage professional. 

The builder’s push to create simplicity for the Florida home buyer has missed the most important goal of all.  Is the buyer getting the best financing program and what other options are available.  We Florida mortgage professionals know that if Florida home buyers purchase homes without knowing all of their mortgage options; the buyer loses. 

Sowhen you are shopping for your new Florida home mortgage, make sure you call your favorite Florida mortgage professional for sound advice on which mortgage progams suit you best and why.  Remember the 3 goals, a low interest rate, low closing costs, and the right mortgage program.  For immediate assistance call 888-399-0520.

Trackback URI | Comments RSS