Feb 26 2009
Don’t stop with; “What’s your interest rate?”
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.
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