Florida Mortgage : Learning Center

For many Florida mortgage shoppers the majority focus only on obtaining the lowest fixed rate mortgage.  In fact, many still lean on only one question when shopping for that perfect Florida fixed rate mortgage.  They ask, what is your interest rate.  Then they get what they expected, a low rate, but later find closing costs have exceeded expectations.  Knowing what to ask makes all the difference with respect to Florida mortgages.

I believe that the following questions will separate the upfront good guy Florida mortgage professionals from all the rest. 

• How long has the mortgage professional been providing Florida mortgage loans?
• How long has the Florida mortgage company been in business?
• Will they provide upfront and accurate Good Faith Estimates?
• What benefits are you gaining with one mortgage program vs. another?
• How how much is the lender or Florida mortgage company earning when your loan closes?

The fun part of the last question is hearing the answer.  Many in the mortgage arena are uneasy about revealing their income to borrowers.  I wonder why?  I believe if borrowers knew how we get paid that it would make shopping for the right Florida mortgage professional much easier.  Starting January 1st of 2010, the Good Faith Estimates will change and everyone will be able to shop knowing the upfront fees which must be guaranteed; finally.

For upfront Florida mortgage professional advice  and Good Faith Estimates we are one phone call away at 888.399.0520 or email at info@beechtreemortgage.com.

Most first time home buyers seeking to purchase their first Florida home may take advantage of lower down payment requirements available with the following Florida mortgage programs.

For those seeking to avoid a down payment altogether; two Florida mortgage programs come to mind. 

• First the USDA Rural Development Loan which allows for no down payments and the ability to roll-in the mortgage closing costs.  It comes with no prepayment penalty and no private mortgage insurance is required. 
• Second, is the VA 100% guaranteed Home Loan, available to qualifying US Veterans.  Highlights include no prepayment penalty and no monthly private mortgage insurance.  Sellers can contribute up to 4% towards the Veterans closing costs and escrows.   

For Florida first time buyers wanting to put down less than 10%, one must consider an FHA insured mortgage.  This Florida mortgage program has become so popular that qualified home owners, trying to pull cash out of their homes, are obtaining  FHA loans over conventional Fannie Mae or Freddie Mac programs.  This is mostly due to the fact that obtaining private mortage insurance for cash-out Florida mortgages is currently unavailable.  The minimum down payment requirement is 3.5% which can be “gifted” from a family member.

For immediate Florida professional mortgage assistance regarding these and more Florida first time home buyer programs; please contact our office at 888.399.0520 or email info@beechtreemortgage.com.