Jul 14 2009
The etiquette of adequate FL mortgage disclosures.
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.
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