The right questions are crucial in today’s FL mortgage arena.  First time home buyers as well as seasoned investors have learned that it’s not all about interest rate when shopping for their next FL mortgage.  There’s a bigger question.

First, shop for a low interest rate specific to the mortgage type you are seeking.  If you are not sure which mortgage best suits your financial situation, then ask an experienced FL Mortgage Professional.  Once you have a low rate in mind, ask about obtaining an upfront good faith estimate of costs.  Only with an upfront estimate can you compare interest rate and cost associated to obtain that rate.  Some television ads promote, for example, today’s current 30 yr fixed rate at 4.375% – which is wonderful.  Until you read the fine print (you’ll have to freeze the frame as it disappears faster than the interest rate offered).  You learn the rate will cost 2 full discount points (or 2% of the amount borrowed).  Pretty expensive.  And what about recovery periods?  Closing costs matter when comparing rates – Get in in writing!

Next, and the most important question; ask about closing time-lines.  If you have a home contract that requires you to close within 30 days – make sure the lender or bank you are working with can meet that scheduled closing.  If you don’t feel confident this can be accomplished, find another lender.   Call, 321.987.9876 or email and we will put you in the right hands of a FL mortgage lender that continues to close FHA, and Fannie Mae conventional loans under 30-days. 

Remember, ask about interest rate, get cost estimate in writing and know their turnaround times to close.  It matters.

Many FL home owners have been on hold with respect to FL jumbo mortgages.  Whether purchasing or refinancing, the jumbo markets had all but dried up only a short time ago.  Well, I am here to let you know there are FL mortgage lenders that have some of the best interest rates and closing costs for all your FL jumbo mortgage needs.  And while shopping for your jumbo mortgage program you might consider the advantages of a very low interest rate ARM or adjustable rate mortgage.  Be cautious though – details will make dramatic differences when choosing the right program.  For example many FL jumbo mortgage ARM’s are available with interest rates that are fixed for 5 or 7 years.  The real question is what happens, worse case scenario, after the fixed rate period is over. 

Be sure you are asking the right questions as jumbo mortgages can differ with each lender.  Sure, the interest rate may be extremely low and is fixed for 5 years (for example), but what about the Index, caps and margin?  First ask what the Index is tied to , and what the current Index is for the day.  You may even want to review the history of that Index to ensure you are comfortable with it’s historic changes.  Next, determine what the adjustment caps are for this particular FL jumbo loan.  Can your interest rate adjust up or down by 2% in the first adjustment year?  Or is your first adjustment cap the same as your life cap – putting more pressure once the 5 years is up?  And last, ask about the margin.  The margin is the fixed percentage that never changes during the life of the loan.  When the interest rate is adjusted, the fixed margin is added to the adjusting index to determine your new adjusted rate for usually the following 12 months.  You will have great results when you are working with an experienced FL mortgage professional.

FL jumbo markets have turned around and jumbo mortgages, especially the shorter fixed rate terms have never looked so good.  Call now at 321.987.9876 or contact us via email for more information with your next FL jumbo mortgage loan.