We have all seen them.  Advertised FL mortgage fixed interest rates that seem too low or too good to be true.  Whether you are looking at FL FHA mortgage rates, FL VA home loan rates or conventional loan rates; some rate seem much lower than any others.  Some are printed in the local newspaper and can be easily compared to other local lender rates.  Others are advertised on the television with promotions like; this sale ends on November 30; or fixed rates under 4.5% (currently?).  Thousands of mortgage lenders or banks advertise their mortgage rates everyday on the Internet.  And some of those rates are awesome – or are they?

The truth about advertising interest rates for home buyers to compare is; not everyone is advertising within the same parameters.  Many newspaper ads come with a fine printed disclaimer which states the interest rates advertised may include a discount point of 1% or an origination fee of 1%.  Television ads are the same – the devil is in the details – or very fine print.  If you have a large screen and can pause the ad; try reading the disclaimer about their interest rate.  One very well known company claims that the rate displayed includes 2 discount points!  Wow – that’s expensive.  And the Internet marketers for mortgage rates always have a small link located somewhere on their interest rate page.  That link will provide details like additional discount points, additional lender fees, and more.  The rate all of a sudden doesn’t look that attractive.

Yes – in today’s FL mortgage markets you must either read the fine newspaper print; purchase a larger television so you can see the details; or spend hours online searching for the truth about that low fixed mortgage rate.  Or – you can call an experienced and trusted Mortgage Professional; who will provide an upfront Good Faith Estimate detailing everything for fair comparison.  Remember, if it’s too low, look for the truth or pick up the phone, inquire and ask for an upfront Good Faith Estimate.  If you have any FL mortgage question related to interest rates please email or call 321-987-9876.

When FL Realtors write VA home loan contracts for first time home buying Veterans – they are always concerned with the “seller” fees.  How much does the seller have to pay because the buyer is a Veteran?  Is that fair?

One of the many benefits of being a United States Veteran and purchasing a new home, is not having to pay any junk fee or bank fees usually associated with a FL fixed rate mortgage.  Over the years many have deduced that since a Veteran buyer cannot pay for certain fees, that those fees fall on the responsibility of the seller.  This is simply not true.  The rules are that the Veteran cannot pay certain bank fees. 

There are usually 2 ways to cover the costs of these fees when FL Realtors are writing VA home loan contracts.  One is to, of course, charge the seller.  Everyone knows this method – and its results are unfortunate.  Veterans can’t simply enjoy their earned benefits; but now have to impress additional fees on would-be sellers. 

Another is to have the Lender or bank charge an origination fee shown on their VA good faith estimate.  This is a fee of up to 1%, of the loan amount, that covers the costs of underwriting, processing or document preparation – which would normally be charged on a conventional type mortgage.  No true savings for Veterans with this method.

There is a better way.  Find a bank or lender that will simply not charge the Veteran, or the seller.  The bottom line is the bank would make a little less by covering Veteran costs; but the Veteran wins by not having to shop for a seller willing to give up something more.

This is a way to give back to Veterans who certainly have earned their benefits using the VA home loan.  Realtors writing contracts for their Veteran clients can write without having to calculate additional seller paid fees.  For more information on this; ask your FL mortgage professional for a VA good faith estimate, upfront.

Low down payment mortgages still exist in today’s tighter lending environment.  Once  I recognize a first time home buyer; 3 current FL mortgage programs come to mind.  They are USDA Rural Housing, FL VA home loans, and of course, FL FHA first time home buyers.

Mortgage professionals must inquire whether a first time home buyer is a Veteran or not before beginning to determine a FL mortgage solution.  A qualified Veteran seeking a VA home loan will enjoy no down payments, no monthly mortgage insurance, and seller contributions ( up to 4%) towards the Veterans closing costs and prepaid taxes, insurances and interest.

If the first time buyer is not a Veteran, then determining where the first time home buyer is purchasing should follow.  The USDA Rural Housing program allows 100% mortgage financing but is limited in geographic locale.  Your FL mortgage professional should be able to provide more information with this FL mortgage loan which allows no down payments, no private mortgage insurance and seller contributions of up to 6%.  In fact, the closing costs can be rolled into the loan amount if needed; saving you more money out of pocket.

The next best and most popular FL mortgage program geared for first time home buyers is the FHA home loan.  FHA allows a small 3.5% down payment, seller contributions of up to 6% towards the buyers closing costs and prepaids, and all of this can be a gift from a relative or family member. 

Today’s FL mortgage markets are much tighter than previous years; however, there are still several options for FL first time home buyers to consider while purchasing their first home.  Experience is the difference between spending too much money with the wrong FL mortgage loan.  Get it right – ask for experience.

Home buyers usually turn to the Internet searching for their first FL mortgage in hopes to obtain very low fixed rates.  Many first tome buyers focus on FL VA home loans, FL FHA mortgages or even USDA Rural Housing loans.  Whichever FL mortgage loan desired; first time buyers should watch out for too much junk!

Always contact a couple of experience FL Mortgage Professionals and get your Good Faith Estimates, GFE’s, upfront and in writing.  Interest rate is important but make sure you are also reviewing lender junk fees.  I have recently reviewed other lender estimates with junk fee costs over $1,300!  You can find these fees on the Line items numbered in the 800’s.  Watch out for too much junk.

Interest rate shopping will be much easier when comparing upfront Good Faith Estimates and reviewing the junk fees.  Get your estimates in writing and only work with experienced Mortgage Professionals.  Are you paying too much junk for your low FL fixed mortgage rate? 

When shopping for a FL mortgage online many home buyers focus only on the interest rate.  This is important, however, there is more to consider than a seemingly low advertised interest rate. 

• What about experience in the FL mortgage professional whether on the phone or in person? 

An experienced FL mortgage loan officer knows today’s mortgage program details that may help you make better informed decisions.  Popular mortgage programs in FL include FHA loans for first time buyers with small down payments; FNMA or FHLMC conventional mortgages for those with 20% or more saved for down payments; and of course FL VA home loans which allow qualified Veterans to finance the entire purchase amount with no private mortgage insurance.

• How about upfront FL Good Faith Estimates? 

FL home buyers and home owners are entitled to receive their Good Faith Estimates upfront so discount point and other closing costs are easily comparable with other lenders allowing the shopper to find the best terms available.

• What about those discount points for your FL mortgage? 

Many advertisers (you’ve seen them on TV) illustrate reasonably low fixed interest rates, yet, when you pause your DVR your read they are charging 2.125% in discount points – for primary residence mortgages with 20% down and credit scores above 750!  Hmmm…

Get the lowest interest rate you can for your FL mortgage, but make sure you find an experienced FL mortgage professional who knows FL mortgage program details, will provide an upfront Good Faith Estimate, and who will not charge discount points on primary or secondary homes.  For more information on your next FL mortgage call, 888.399.0520, or contact me anytime.

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

When Florida first time home buyers call our office they usually have no idea where to begin.  They finally got the nerve to make the call and  soon realize they are not too sure of the steps in securing some sort of Florida mortgage.  What types are best for them?  How much money should we have already saved?  Do we qualify; are we  worthy?  What to do…

First time home buyers are dependent on the Florida Mortgage Professional for answers.  This includes detail explanation of available mortgage programs and their advantages or disadvantages.  I call this communication “verbal disclosure”.  Simply put, our first time buyers and all other mortgage seekers know mortgage program details before they receive written disclosures. 

It is our job to ensure every home buyer, first time or not, knows what they are getting into.  By the way, a special thanks to all of the mortgage knuckle-heads who never put client needs first.  Thanks to you slackers, Obama will announce details of the newly created Consumer Financial Protection Agency which is aimed at providing clear consumer disclosure.  I just hope this doesn’t amount to additional written disclosures - there are too many already.

If you are in the market of purchasing your first Florida home, call our office, 888.399.0520, for upfront explantion, disclosure and written good faith estimates.  Happy house hunting…

Everywhere we turn it seems everything is going up, up and away.  Unemployment is up to it’s 26 year high of 9.4%.  Gasoline prices have and continue to rise.  Even fixed interest rates for Florida mortgages have steadily increased over the past 2 weeks, with no slow down expected.  Bad news?  Consider this…

The good news is people will still continue to purchase new homes especially since the price for that new home is at all time lows, practically.  There are great savings to be found when searching for your Florida dream home.  Whether you’re seeking an FHA first time home buyer loan, a VA Home Loan, or a conventional mortgage, there are always mortgage options out there to discover.

If you, your Florida Realtor, or someone you know needs an experienced Florida mortgage professional; call our office at 888.399.0520 or contact us via email.  Interest rates aren’t going to stay low forever.

Remember when shopping online for your next Florida mortgage; there are basic necessities each Florida home owner or first time buyer require to make sound mortgage loan decisions.  One of these is reviewing your upfront Good Faith Estimate.

Everyone in the banking and mortgage industry knows consumer focus is always on one thing, the interest rate.  Interest rate is very important, however, so are the costs associated with obtaining that interest rate.  Costs are what separates the upfront Florida mortgage professional from the small print con artists.  Well, that may be a little rough, but my point is simple. 

Florida mortgage prfoessionals will provide upfront Good Faith Estimates for you to compare with others while shopping online for your new Florida mortgage.  Interest rates must be compared only when you have written upfront Good Faith Estimates to review.  If  4.75% sounds like a great 30 year fixed rate; wouldn’t you like to know how much you are being charged for that rate?  Get it in writing! 

And remember when you are reviewing a Good Faith Estimate with discount points; always ask what the interest rate would be without paying discount points.  If you need someone to review your Good Faith Estimate; feel free to contact your local Florida Mortgage  Professional.  If you have a great rate at low costs, he or she will let you know.  Get it in writing – always.

As a Florida first time home buyer down little or no down payment options are frequently requested.  Florida mortgage programs available to any qualified first time home buyer are prevalent.  Consider the following mortgage loan avenues:

Inquire about an FHA home loan.  The down payments are as little as 3.5% of the purchase amount.  Part or all of the down payment can be a gift form a relative.  And an FHA mortgage allows more flexibility with less than perfect credit scores.

Veterans should ask for VA home loan details.  Veterans looking to purchase their first home in Florida can purchase without no down payment at all!.  There is no monthly private mortgage insurance requirement and no prepayment penalty.  Also, sellers can contribute up to 4% of the purchase price towards the Veterans closing costs.  Veterans seeking to purchase a larger and more expensive home should inquire about a Florida VA Jumbo home loan.

Another option is the USDA home loan.  This program is available with no down payment, however, is geographically limited in availability.  Ask your Florida mortgage professional to review areas you are looking to purchase and you too may take advantage of this great program.  If sellers wont contribute towards buyers costs, this program allows you to roll them into the loan amount. 

All of the Florida first time program listed above do require income, asset and credit approval.  Make sure you gather this information together and call your Florida mortgage professional today to see how you can purchase your first home here in Florida.