Florida Mortgage : Learning Center

This morning the Federal Reserve and Treasury Department announced they were pumping hundreds of millions of dollars into the US economy – specifically aimed at purchasing mortgage backed securities.  At first thought I felt banks were going to repeat what has already happened.  Keep the funds for themselves and not help homeowners with lowering available Florida fixed interest rates.  This time was different.

Fixed mortgage rates for Florida home buyers dropped significantly this morning and again this afternoon.  Our 30 year fixed rate was holding at 6.00% yesterday with no points and no origination fees.  Today’s 30 year fixed rate is holding comfortably at 5.50% with the same terms.

Of course, these fixed rates are available to very qualified home buyers or home owners seeking a great Florida fixed mortgage.  For immediate Good Faith Estimate proposals please contact our office at 888.399.0520 and ask for today’s lower Florida fixed rates.

While driving to our office in Cocoa Beach, Florida; I noticed several RV’s and many drivers seeking great locations for this awesome view.  Yes, it’s time again to head out towards Brevard County Florida to see a spectacular night launch of the Space Shuttle Endeavor.  Living in Brevard County does have it’s advantages.  Many Brevard County residents have great views of these launches right from our own backyards.

The main objective for the Endeavor STS-126  Mission is to deliver equipment to the International Space Station that will allow twice the number of crew members to reside aboard the station.

For more information you can visit the NASA website at http://www.nasa.gov/home/index.html.  For those who can’t get outhere and enjoy the ninght launch;  you can navigate to the NASA TV section on their website and watch the launch as it happens. 

Safe launch and God speed to the 7 Astronauts aboard the Space Shuttle Endeavor STS-126.

With our government giving billions and billions of dollars to banks and even lowering the Fed Funds rate a full percentage point in the past month; you would think home buyers could enjoy lower fixed mortgage rates.  Well, as interest rates inch upward the only thing we can count on is next years conforming loan limits.

Last week, the new Federal Housing Finance Agency announced the conforming loan limits will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities and counties.  Keep in mind, the conforming loan limit is the maximum size of mortgage loans that Fannie Mae and Freddie Mac purchase.

This is good news I guess, I just wish banks would extend the government’s “bailouts” to the homeowner or home buyer.  We need lower interest rates.  The next Fed meeting in December may bring lower Fed Funds rates again -  the question is – will the banks, then, lower available consumer interest rates.  We must wait and see.  For current fixed Florida mortgage rates and upfront Good Faith Estimate, call our office anytime at 888.399.0520.

Many first time home buyers are excited and serious when making the largest purchase of their lives.  In today’s volatile economy; buying your dream home does require a little more attention to detail and decisiveness.  When seeking your first Florida mortgage please make sure you are working with a seasoned Florida Mortgage Professional and learn what not to do.

Whether you consider some of the best first time home buyer programs such as; the VA Home Loan, the USDA Residential Loan, FHA government insured loans or even conventional Fannie Mae or Freddie Mac fixed rate mortgages; ask questions and avoid mistakes. One of the biggest mistakes occurs when new Florida Mortgage Professionals fail to educate first time home buyers with regards to credit use while processing their mortgage.

After your Florida mortgage has been approved or at least pre-approved; please hold off from opening any new credit lines.  These include buying or leasing a new or used car, opening a new credit card with little or no interest (it doesn’t matter), or increasing the debts already owed (charging more on current credit cards).

These serious debt changes can affect your Florida mortgage approval by temporarily lowering your credit FICO scores, or increasing your qualifying debt ratios.  And with today’s demanding mortgage underwriting guidelines; every effort counts while moving towards your Florida dream home ownership.

If you have questions about buying your first home with any one of these Florida mortgages please contact our office at 888.399.0520 and ask for me, Stephen Thaggard.