Florida Mortgage : Learning Center

With all of the Florida mortgage lenders and banks; a new home buyer may seem lost while shopping for the best fixed rate mortgage. Remember too, there is more to shop than just the lowest advertised fixed interest rate.  Here are some tips to help narrow your decision.

• CREDIT SCORE:  You should know your credit score before you call or Google for your new fixed rate mortgage.  When asked, give an assumed credit score. Once you decide which mortgage company you want to use; they can always verify later.
• DISCUSSION:  After speaking with a mortgage professional, do you feel comfortable with him or her?  Don’t forget to ask- How long they have been in business? Can they provide a lock-in commitment in writing?  Will they give referrals of previous clients? How much are they going to earn if they close your loan?  (Great question).  And always check them out with the Better Business Bureau.
• MINIMUM INFO:  Provide enough mortgage loan information so a Good Faith Estimate can be prepared. Information such as; purchase price, estimated market value (check www.zillow.com), loan amount requested, which mortgage plan (30, 25, 20 15 or 10 year fixed rates, 1, 2, 3, 5 or 7 year ARM’s, VA Home Loan, etc…
• GET IT IN WRITING: Ask for the Good Faith Estimate in writing. You need this to compare interest rates with the same mortgage program as well as closing costs, prepaids and escrows.  You should see similarities between these estimates.
• APLLES TO APPLES:  If you are being charged discount points, ask what the interest rate would be if you didn’t want to pay them. Discount points are an option for you to buy-down the interest rate. Make sure all your estimates have no discount points and no origination fees; makes comparing easier and you save money.
• REVIEW: Review your favorite mortgage professional provided Good Faith Estimates and ask to have your mortgage loan approved and your interest rate locked-in.

Sounds easy I know.  Just make sure you are getting quotes from reputable mortgage professionals that can honor what they are advertising. For your own refinance or purchase mortgage Good Faith Estimate contact our office at 888-399-0520 or email info@beechtreemortgage.com. Remember, if it looks to good to be true, it is – and if you feel you were treated unfairly with any mortgage related issue, contact the Florida Department of Financial Services.

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