Florida Mortgage : Learning Center

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.

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