Florida Mortgage : Learning Center

As interest rates dropped yesterday the phones would not stop ringing.  The Florida mortgage 30 year fixed rate dropped under 5% yesterday and was available for those seeking a no discount point and no origination fee fixed rate mortgage refinance.  In this rapid refinance rush, consider the following tips to secure the best financing available with a new very low fixed mortgage rate.

• Contact an experienced Florida Mortgage Professional.  Ask friends for recommendations.
• Be able to provide estimated credit score; estimated home value, and mortgage balances.
• Ask for an upfront Good Faith Estimate in writing.
• Ask for today’s fixed rate without discount points or origination fees.
• Check to see if they charge an application fee.
• Ask how and what total amount they expect to earn from fees and/or yield spread premiums.
• Always double check the Better Business Bureau for more information.

Once you find your favorite trusted Florida Mortgage Professional and are provided with a lower fixed rate mortgage program that makes sense; lock-in your interest rate immediately.  Interest rates have never been this low, ever.  For immediate refinance consideration and upfront Good Faith Estimates please feel free to contact me directly at steve@beechtreemortgage.com.

Interest rates have dropped againfor those Florida Veterans who may want to lower their fixed VA loan rate.  Many Veterans that already have an existing VA home loan should consider using the VA interest rate reduction refinance loan or the IRRRL.  This type of refinance usually requires no appraisal and no income qualifying which makes qualifying for a lower fixed VA rate simple.

Another type of VA refinance is the cash-out type loan.  Today, qualified Veterans can elect to refinance their current Florida mortgage and pay-off additional debts.  The maximum amount allowed is now 100% of the homes current value.  This can help many Veterans by lowering their monthly payments with today’s 30 year fixed VA mortgage.

For more information regarding your VA Florida mortgage opportunities; contact our VA Mortgage Professionals at 888.399.0520.

For many years credit scores played a smaller role in mortgage risk assessment.  In fact, there was usually no difference in the fixed mortgage rate obtained for a home buyers credit score of 640 vs. 740.  But ever since Fannie Mae and Freddie Mac introduced credit risk based pricing; credit scores do make a difference.

When clients contact our office and mention they have excellent credit; we inform them that “excellent” is usually defined as credit scores at or above 740.  With a credit score that high, there is no price adjustment for credit score risk.  In other words, you should be able to receive the lowest fixed mortgage rate available from any given mortgage lender or bank.

Florida home buyers seeking to purchase a new primary home, 2nd home or vacation home; can expect to receive today’s very low fixed mortgage rates.  The higher your credit score; the lower your Florida mortgage fixed rate.  For immediate assistance with our accurate Good Faith Estimates; please contact our office at 888.399.0520.