May 06 2008
Integrity, disclosure and the Florida mortgage professional
Our economy has been through so much the past year; with sub-prime mortgage issues, foreclosures soaring, loan-to-value problems; it’s no wonder many have left the Florida mortgage market altogether. I believe it’s the habits of successful Florida mortgage professionals that has allowed us to remain in business. Specifically, long term responsibility always wins over short term gain.
Mortgage businesses opened everywhere over the past 5 years asexpectations of propserity grew in the Florida mortgage market. However, some were being led by greed and greed alone. These were companies with motto’s that making money was more important than taking are of Florida home owners or first time home buyers; bad habits.
Just a few years later, hundreds of these gluttonous mortgage companies had closed their doors. Their habits in the mortgage industry never had the consumers interest in mind. No onereferred new friends or relatives because they themselves weren’t assisted fairly.A Florida mortgage professional is one who places the home owner or home buyers interests ahead of their own monetary gain
If you can’t assist client’s in specific mortgage financing choice or discuss the advantages or disadvantages of a particular mortgage program; all with full disclosure; then you aren’t doing you job as a mortgage professional. Clients call and expect our insight with various mortgage programs and availabilities so they can sort out and choose the best financing that fits their specific needs. Everyone is different. That’s why there are so many types of conventional mortgages.
Integrity means so much in this business. The biggest problem with this industry is the disclosure of terms, prior to closing. I truly believe and live by full, verbal, and honest disclosure is where we start. The fact that new home buyers will sign paper disclosures later, at closing, is wonderful. But Florida home buyers or owners should already know the details of their mortgage choice well before closing. Disclosures are mean’t to put in writing what you already discussed in detail with your mortgage professional.
If you are talking with a bank loan officer or Florida mortgage broker regarding refinancing or purchasing your new home; make sure your mortgage professional has covered important topics, early, such as: prepayment penalty possibilities; adjustment factors, margins, indexes, adjustment caps; why a particular mortgage may make more sense than another; your long or short term expectations; etc…
Need help with your Florida mortgage related questions? Want to know if you should refinance? Can’t decide which mortgage program best suits your financial future? Call our mortgage professionals at 888-399-0520. Or email your questions to info@beechtreemortgage.com.
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