Monthly Archives: October 2015

Questions to ask a Mortgage Broker when Refinancing

A mortgage broker acts as a bridge between the borrowers and the lenders. They help you in obtaining the best property after analyzing all terms conditions. But before you finalize any property, there are some of the questions to mortgage brokers to assure yourself about the reliability of the property.

Here is the list of some questions that needs to be asked by every buyer from mortgage broker-

  • What is the interest rate on the mortgage? – Ask for the interest rate of the loans the broker is offering you. It includes annual percentage rate which accounts for the interest rate, points, fees and other expenses you have to pay for the mortgage.
  • How I can stop the delay in the approval of my loan- A delay in your loan might arise due to change in your salary, marital status, new debt or your credit card history. In order to put a halt on these delays, put your financial life in the holding pattern until the closing table.
  • While taking a loan what all documents I require– While refinancing a loan, you need to submit your proof of income and assets including bank statements, tax returns, and any other if required.
  • What are the closing costs– You need to be familiar with your closing cost well before hand. This is something which comes as a surprise during the buying process. Brokers should provide the written estimate of these costs before receiving the loan application.
  • How will I benefit by locking the interest rates– Interest rates keep on fluctuating and by the time you reach the closing table of your loan process, interest rate might get higher. To prevent getting a high rate, you can lock the rate for the specified period. Some fees may apply.
  • What are qualifying guidelines for obtaining the loan– Before obtaining the loan, you need to submit your requirements relating to your income, employment, assets, liabilities, and credit history. Qualifications for the first time home buyers are much liberal and moderate.

If in the search of obtaining the most feasible loan, contact All Florida Title. You can ask the above discussed questions form the mortgage broker and resulting in ease of process of obtaining the loans from the broker.

Secrets of picking a Mortgage Lender

Choosing a right lender for your home mortgage is the most difficult decision one has to take. Today, there are number of mortgage lenders available in the market that are ready to accept your loan application. But deciding the most appropriate lender is the decision needed to be taken with due consideration.

Here are some of the secrets for picking a right mortgage lender according to your needs-

  • Hire a mortgage broker– A mortgage broker can help you a great deal in choosing the best lender. They act as a bridge between the borrowers and lenders. They save your lot of time by shopping the best lender that lends you loans at the most feasible interest rates. If the broker is not selected wisely, then the wrong broker may find a lender who offers him the maximum profits, but may not find right mortgage for you.
  • Decide which type of lender you want– Deciding a type of lender is the individual choice. One may prefer a small or big lender depending upon his need and requirement. If you want to have informal relations with the lender, the small lender would the best choice for you. But if you want to obtain the loans at the right interest rates, without wanting an informal relation with them, picking the big lender is the most perfect choice for you.
  • Search a lender that provides the most feasible current mortgage interest rates– Do thorough research for finding the mortgage lender with the most affordable interest rates. You can search online, ask your friends and relatives, or take recommendations from real estate professionals. If you are experienced in this field, then you can even call your previous mortgage lender. Being an old customer may provide you some sort of advantage.
  • Compare the interest rates of each mortgage lender– Before finalizing a mortgage lender; compare the interest rates of the loans provided by the different lenders. The lender which offers the loan at the most suitable and at least interest rate, pick that lender.
  • Give a thought to other expenses– Lower interest rates is probably is not the only way of choosing a lender. Analyze the various other factors too. Sometimes the fess and other expense of the lenders are much more.
  • Check out the credibility of the lender– Don’t forget to check the credibility of the lender who finally chose. Read the reviews of the lender online or you can even ask from the clients who have previously used the lender. Lender reviews are a useful tool to help the people to choose a best lender to work with as experiences other people have with the particular lender with help the new clients in dealing effectively with that lender.

Shopping the appropriate lender is a time consuming and well thought decision. If looking forward to avail the loans at the lowest interest rates, we at All Florida Title provide the right mortgage lender to ease your buying process. We are one of the reputable mortgage companies in Florida. Get in touch with us for more details or contact us online.

Why to hire a Mortgage Broker for obtaining a Property

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A mortgage broker acts a bridge between the borrowers and the lenders. They help you in obtaining the best property after analyzing all terms and conditions. Taking the assistance of a professional mortgage broker will help you in getting a fair deal.

Let’s have a look why hiring a mortgage broker is of crucial aspect for obtaining any type of property-

  • Fully registered– Mortgage brokers are reliable personnel. They operate within the registered state. As they have fully taken the buying responsibility on the behalf of the customers, so if any losses occur during the process, mortgage brokers will be personally liable for those looses.
  • Possess good deal of knowledge– The professionals possess profound and thorough knowledge of the lending market. They guide the potential buyers in a good manner. They help them to choose from variety of deals, incentives and interest rates. They familiarize the buyers with all the necessary terms and conditions of the property.
  • Handling the legal work– Hiring a good mortgage broker gives an advantage to the buyers as their all the legal and essential paper work will be handled efficiently by the brokers. They have contacts with all the good lenders of the market. They compare the mortgage terms and rates of all the known lenders and thus help the buyers in obtaining the most affordable property.
  • A way of saving some sort of unnecessary fee– There are several types of expenses that are incurred in obtaining any mortgage property. These may include origination fees, application fees, and appraisal fees. Mortgage brokers allows the buyers to not to indulge in such expenses and save hundreds and thousands of the dollars.
  • A backbone behind the management of the whole process- Buying a property is a very big and complicated process. It might take all your energy and you end with the in-completion of the process. So, assistance of a specialist helps you to complete all the paper work in very less time.
  • A great aid in finding a suitable loan– A professional mortgage broker possesses vast knowledge of the different types of loans. They have contacts with different lenders who provide the loans at the most affordable loans. They will provide you the best advice in obtaining the right type of loan depending upon your need and your credit situation.

Thus, if in search of obtaining the most economical loan, we at All Florida Title provide you the most reliable mortgage brokers in Lake Mary, Florida. We are available round the clock for our customers’ assistance. You can call us or can fill our online form.

Mortgage Florida- relevant jargons to understand

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Buying a house is the most important investment one makes. The first thing we do prior starting our search is looking for a mortgage. The Florida real estate market is thriving. The mortgage Florida interest rates have fallen, giving an advantage to the buyer. However, if it is your first time, then there might be many terms you are unaware of.

Understanding jargons used typically by bankers and lenders can confuse you. These terms are not used in our day to day routines. It is better to get acquainted with them so that the loan approval procedure becomes easy and hassle-free for you.

Adjustable rate mortgage

It is a type of credit in which the interest rate changes periodically. Early on, the interest rate remains unchanged, after which the effect of market condition starts setting in. The lenders also provide a cap on it, which defines the upper limit for change in the rate.

Annual percentage rate

It is the rate charged for a property for an entire year, calculated by considering account interest, discount points, loan insurance and lender fees.

Closing costs

These are expenses that you and the owner have to bear while the ownership is transferred to you. It includes the attorney fees, origination fees, title insurance and escrow payments.

Down payment

It is the first payment you make to freeze the deal. This has to be paid in cash. It is necessary to facilitate the purchase.

Escrow

It is a neutral third party that holds all important documents until all the terms and conditions of the agreement are met. An escrow can either be a title company or an attorney.

Title insurance

The insurance protects one against the loss due to disputes over property ownership. The lender also possesses a lender’s policy.

Fixed rate loan

It is a type of a credit that has fixed interest rate throughout its lifetime. The duration of it ranges from 10 to 40 years.

Understanding the terminology will ease the mortgage procedure for you. Only citizens of Florida are eligible for Mortgage Florida. The credits available in the area include federal housing administration loans, consolidation loans, conventional and refinance mortgage.

Mortgage Florida is available at very competitive rates. If you are looking for one, get in touch with All Florida Titles. We are a reliable mortgage company in the area offer loans, title insurance and escrow services. Call us for an appointment or email us your queries.