Monthly Archives: November 2015

Role of a Mortgage Broker in Purchasing a Home

A mortgage broker is an intermediary between the mortgage lenders and mortgage borrowers. He get the paper work filled form the borrower and passes that paper work to the lender for the approval. Thus, he bridges the communication gap between the borrowers and lenders.

A mortgage broker plays an important role in the purchasing process of a home for the buyers. Let us have a look at the some of the important role he plays.

  • A financial expert– He serves as a financial expert that helps the borrowers to explore financing options for real estate purchases.
  • A negotiator– He negotiates on the behalf of the borrowers with the banks, credit unions, and other credit providers to arrange loan for them. He can offer you variety of loan options. He uses a network of lenders and institutions to find a loan that best suits the needs and desires of the buyers. He also negotiated with the lenders to secure terms and options for the buyers.
  • Provides advice at every step– A good mortgage broker will help you at your every step starting from the initial steps to getting the final approval for your loan. He also provides a home loan health check. After the health check, he may be able to reduce your repayments, unlock the equity in your home, or consolidate your debts.
  • Find a suitable loan for you– After assessing your needs and requirements, the mortgage broker help you find the most suitable loan matching your financial needs. He will get the best loan from different lenders including large banks, small banks, credit unions, and other lenders.
  • Helps in the completion of your process– Mortgage broker helps you complete the necessary paperwork with must ease and in less time. They liaise with the lenders on your behalf and remain on toes until your loan is approved and settled.
  • Assessment of your financial records– Before providing loan to you, they assess your financial condition by carefully evaluating your documents, personal bank statements, tax returns, and outstanding liabilities. Considering all these facts provides them the base to determine which type of loan is most suitable for you.

If in a search of a professional mortgage broker in Florida, get in touch with All Florida Title. We will ease your purchasing process and provide you the most affordable loans. Contact us for acquiring more information.

Things to Consider When Getting a Bank Loan

Loan is required for different purposes and in different situation. We may require business loan, student loan, personal loan, home loan, car loan, or any other type of loan. But before applying for the loan, there are some of things to ask yourself and from the bank. You should know which type of loan you require and what are the terms and conditions associated with it.

Here are some of the tips to be considered when getting a bank loan-

  • How is your credit score? – Most of the loans are obtained solely on your credit profile. You need to raise your credit score for applying the loan especially personal loan. It can be raised by paying off the debt, making your credit report credible and making timely payments. Low credit score will affect your ability to take loan in the future.
  • What is the interest rate of the loan that you are going to apply– You need to consider the rate of interest that is the money you will be charged for borrowing the loan. More the interest rate, more costly the loan will be. The interest rate is charged in terms of APR (Annual Percentage Rate). Student loan, mortgage loan, personal loan all have different rate of interest.
  • Repayment period– This is the period within which you have to repay the whole amount of the loan. This period can be shorter as well as longer. Shorter repayment period means monthly installments are high since you have less time to pay off the loan. Whereas, long repayment period means monthly installments are less and more time to pay off the loan.
  • Penalties incurred– You should be very well familiar with the penalties you will be incurring for late payments, non payment, or if any other default arises.
  • What is the loan application process- This is an important thing to know how long will be the loan application process? What are the procedures to be followed to get the loan approved? What all is required to obtain the loan. All these things must be kept in mind during the loan buying process.
  • Is there any limitation on the use of the money? – Some loans put the restriction on the usage of the money. Money rose from student loan, mortgage loan, and car loan can be used only for certain things. While the money rose by personal loans can be used anywhere.

If the loan is taken, abiding by all the terms and conditions and asking necessary questions beforehand, then loan will surely prove you beneficial in the loan run.

We, at All Florida are the best company in Florida that provides the loan for diversity of purposes that too at very feasible rates. Contact us for applying for the loans. We are available round the clock to guide our customers in the best possible manner.

Why Title Insurance is Important

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Home is the biggest investment of your life. Since buying requires lot of efforts and finance, so it is our duty to protect it from any type of risk and losses. You should purchase different types of insurance coverage to protect your home and personal property. Insurance provides protection against loss from fire, theft, damage etc. There is one such insurance which protects against the title hazards that may threaten your financial investment in your home. Such insurance is known as Title Insurance.

Protects your largest investment

When you are purchasing the home, you are not just buying a land rather you are purchasing the title to the property. You are purchasing the right to occupy as well as use the space according to your requirement. Thus title may be limited by the rights and claims asserted by others. This right may limit your use and enjoyment of your won property. Thus, title insurance protects you people from such hazards.

Tile insurance protects an individual from various kinds of losses such as–

  • Title insurance determines that your rights and interests to the property are clear.
  • It defends the title at no expense if someone contests your title in legal action
  • It protects you from financial loss up to the amount of the policy if there is a title defect that cant be eliminated.
  • It speeds up the process of the negotiation when you are ready to sell or obtain a loan.
  • By insuring a title, you can eliminate delays and technicalities when passing your title to someone else.
  • It reimburses you for the amount of your covered loss.
  • Title insurance serves as a kind of a lender or a mortgagee protection. Lenders require title insurance as a security for the investment they provide in the real estate. When title insurance is provided, they make the mortgage money available easily even to those locales, where they know less about the market.
  • It also serves as a kind of owner’s coverage. The policyholder’s title insurance lasts as long as the person ahs an interest in the insured property. Thus may even lasts after you have sold the property.

We, at All Florida Title is the best company in the Florida for all your Title Insurance and Escrow needs. Contact us for getting detailed information on the tile insurance. We are available to assist our customers in any manner.