Florida Mortgage : Learning Center

I have a VA home loan client seeking to refinance his current FL mortgage to reduce his VA home loan fixed interest rate and consolidate some bills.  After verbally disclosing fees and rates I sent a very accurate VA Good Faith Estimate and asked him to compare with others and get back to me. 

Well it was close.  Our closing costs were actually a little higher than their Good Faith Estimate; with the same VA 30 year fixed interest rate.  However, when discussing their fees he mentioned it was difficult to read because their Good Faith Estimate was completed on a cocktail napkin! 

I wasn’t sure if it was a VA cocktail napkin but nonetheless.  The problem is, what if the napkin got wet? And fell apart prior to closing?  Does the bank have to honor the interest rate written on the napkin?  They could change the fees quoted on the napkin because they would become illegible. What a nightmare! 

Make sure you speak with a FL mortgage professional and beware of Good Faith Estimates that are written on cocktails napkins. 

I am currently listening to the Senate Banking Committee discussing consumer financial protection issues.  Most of the discussion centers around adequate disclosure when home buyers are seeking mortgages.  So why don’t home buyers know detail specifics regarding their chosen mortgage?  Is too much disclosure the answer?  What options are there in FL mortgage costs?  Wat is the etiquette of adequate FL mortgage disclosures?

FL mortgage loan disclosures are always required when obtaining a FL mortgage.  Your FL mortgage professional is responsible to explain these disclosures prior to choosing any specific mortgage loan.  Take adjustable rate mortgages for example.  Verbally disclosing rate caps, fixed Margins, and the history of an Index, can influence the decision a home buyer may make when comparing these higher risk type mortgages with plain vanilla FL fixed rate mortgages.  It is the FL mortgage professionals job to ensure home buyers know mortgage program details in advance.

Also, FL home buyers should always have the tight to choose to pay certain fees.  When shopping online or in person for your FL mortgage; make sure there are no discount points; as the are reserved as an option, the home buyers option, to buy-down the interest rate.  If you get an estimate with discount points, ask for another one without buying down the rate.  Then compare with other FL mortgage lenders.

The bottom line is FL mortgage professionals will always verbally disclose and compare different mortgage program choices available so home buyers can make better sound and safe financial decisions.  Providing maximum mortgage choices and transparent verbal and written disclosure is the true etiquette of a FL mortgage professional.  For answers to your FL mortgage questions, email me directly at steve@beechtreemortgage.co or call our office at 888.399.0520.

Due to the declined FL morgage market over the past 2 years, many opportunities are now available to Floridians as home prices are at their lowest in years.  The mot popular FL mortgage programs made available to these first time buyers include USDA loans, FL VA home loans and FL FHA mortgages.  But how does a first time buyer compare lenders before making their decision?  Follow these steps…

• Make sure you are working with an experienced FL mortgage professional.  Experience, that is, with current FL mortgage guidelines with USDA, VA and FHA loans.
• Ask for your Good Faith Estimate upfront.  This should explain all of the closing costs you will incur and detail payments, cash required to close and all FL mortgage discounts you’re entitled to receive.
• Ask about the procedures of how and when you can receive a lock-in agreement to protect your rate.
• Call at least 3 FL mortgage professionals and compare their expertise in specific mortgage program details; compare Good  Faith Estimates, and compare any FL mortgage discounts available.

Our Good Faith Estimates are prepared upfront for your review and comparison.  Our closing costs are discounted in advance and will not change prior to closing.  For your free FL Good Faith Estimate call our office at 888-399-0520 or email me directly at steve@beechtreemortgage.com

Just a quick thought.  Veterans have the ability to avoid all of the HVCC appraisal mess (see earlier blogs to learn more about that) which allows inexperienced appraisers to establish your new home’s value.  Florida mortgages are provided to qualified Veterans in a smooth and seamless transaction.  Here are some of the benefits Florida Veterans enjoy:

• Saving more money as their is no down payment requirement for a VA home loan up to $417,000.  
• Enjoy lower payments because a Florida VA home loan has no monthly private mortgage insurance.    
• Get approved today.  Credit guidelines are more flexible than conventional Florida mortgages.
• You’ll love lower mortgage closing costs too with no Lender junk fees at all. 
• Refinance with streamlined IRRRL without having to obtain an appraisal save you time and money.
• Lower your Jumbo Payment even if you owe more than $417,000 with a VA Jumbo mortgage loan. 

Veterans looking to purchase their new Florida dream home in this buyer’s market can truly win with a VA Home Loan.  Call our office at 888.399.0520 and ask for Stephen Thaggard, that’s me.  I want to show you all of the advantages you deserve when purchasing your home with your VA Entitlement.