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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.

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.

Mortgage Florida- relevant jargons to understand

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.