After 14 years as a FL mortgage professional, I have experienced countless changes in our industry.   Mortgage programs were created such as interest only fixed rate loans, or the notorious pay option ARM.  Stated income mortgages, meant for self employed borrowers, became available for salaried home buyers.  And no document type mortgages were everywhere so anyone could buy a home; which really screwed things up.   And lest we forget today’s magnitude of mortgage underwriting  makeovers.   However, one thing remains the same.  Home buyers are still focused on interest rate.  What about the mortgage making sense?

 Interest rate shopping is very important after you have spoken to a FL mortgage professional regarding which mortgage program best suits your financial future.  A few years ago if someone wanted simply the lowest available interest rate, the answer was usually the pay option ARM rate of 1%.  Can’t beat that one.  However, many home buyers were not made aware of the pitfalls that came that low payment rate.  The pitfalls were huge!

It pays to speak with an experience FL mortgage professional who will assist in detailing the advantages and disadvantages of any specific mortgage program scenario.  Just because a FL home owners calls to refinance and lower their fixed interest rate; doesn’t mean it is in their best interest to refinance.  This includes FL FHA loans, FL VA home loans, FL Jumbo loans and conventional mortgages.  The mortgage must make sense. 

What about recovery period considerations when refinancing?  Or what is the long term interest savings when deciding between a new 25 year fixed rate, 20 year fixed rate or a 15 year fixed rate mortgage? 

Once you have found your seasoned FL mortgage professional who knows what he or she is talking about – then move onto interest rate.  Be wary of mortgage originators that talk only about rate.  It’s usually because it’s  whole lot easier to quote an interest rate than to know how to truly qualify and educate a home owner when seeking their first FL mortgage.  The mortgage must make sense.

And making mortgage sense starts with an experienced FL mortgage professional.  Have a question your current mortgage or know someone else who may?  Contact us anytime.

Trackback URI | Comments RSS