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How do you know you are getting the right mortgage, from the right mortgage company in Florida?
Shop a mortgage in Florida 2022! So you are ready to purchase a home using a home loan, or to refinance an existing mortgage. There are literally thousands of different mortgage companies in Florida to choose from. How do you pick the right one? How do you ensure you are getting the right mortgage, with a great rate, without a bunch of junk fees or charges? Before you commit, here are some important things to consider.
Before you read on, please know that Ready Rate is a Jupiter Florida-based mortgage company interested in doing business with you, but only if you believe we are the right fit for your needs and goals. The content that you will find throughout our entire website was written with purpose. Our goal is to educate you the consumer and to live out our mission to change people’s lives for the better, one mortgage at a time. That includes your life, and we hope that by taking the time to educate you we are helping to provide transparency so you can be better prepared to get a mortgage.
Without some basic knowledge of the mortgage process, getting a mortgage in Florida can be scary. Unfortunately, it’s a space full of salespeople and companies that are focused on closing as many loans as possible. This hunger for closed loans often messes up their morale compass, compelling them to put their needs ahead of the needs of their clients. So, how can you know that the mortgage person you are talking to has your best interests at heart? Here are a few ways to tell…
- Pay attention to the questions being asked. A mortgage professional will not only work to qualify you for a loan, but they should also ensure that any potential loan is perfectly aligned with your personal and financial goals. Ask yourself, are the questions being asked getting to the heart of my situation? If you are providing all the important information without being asked, that is a red flag.
- Read online reviews. Often the best way to gauge a mortgage professional’s true intentions is to read about past experiences others have had. Google is often the number one place to seek out such reviews. Other places might include Zillow, Facebook, and other similar sites. Look for reviews that have been responded to as well. This is a strong indicator that the mortgage person is engaged with his or her clients, and cares about the feedback that he or she is receiving.
- Understand what separates one lender from the next. Many times, sales-focused mortgage folks will try to ‘sell’ you in deceptive ways. Be sure you understand what truly matters when comparing one mortgage company to the next. That list is short, with 4 main things to compare…
RATES POINTS LENDER FEES EXPERTISE
The Interest Rate – In the end, your rate is what matters the most. This important factor will not only impact your payment today, but also the interest burden you will pay for years to come. For this reason, it is a good idea to ‘shop’ for your rate. Keep in mind that what a mortgage person says they are giving you, and what they actually give you, is not always the same. Be sure to ask for a Loan Estimate with a Locked-In Rate. You will have to do some work to get that far in the process to receive it, but it will be well worth the effort to ensure you are getting what you expected to get. If the mortgage person forgot to tell you that points had to be paid for a particular rate, and oh by the way there are Lender Fees too, well that Loan Estimate with the locked-in rate will give you the whole story fast. You can use that loan estimate to shop, and some companies even offer ‘Best Rate Guarantees’ like Ready Rate. This Florida Mortgage Broker Company will match any competitors’ terms and always beat that competitor’s rate. All you must provide to them is a competitor’s loan estimate with a rate that has been locked in the last 48 hours. Learn more about their best rate guarantee by clicking here ReadyRate.com.
The Points Being Charged to Get a Rate in Florida – Points are a one-time fee you can pay at the closing of your loan in order to get a better rate. Points are always reflected in Box A on a Loan Estimate and Closing Disclosure. In rare cases, points may be required just to get a rate, however, the decision to pay points is usually completely voluntary. When a mortgage person gives you a rate quote, if points are a part of that quote, they should tell you that upfront. Unfortunately, this often does not happen. These sales folks hope you will be lured in by the low rate. They know you will eventually see the points on future disclosures, but they hope by then you will be far enough into the process that you decide to just go for it. This is a red flag, and time to move on to another mortgage company.
The Lender’s Fees – There are a lot of ‘fees’ when getting a mortgage, but the only one that is driven by the mortgage company is their lender fee. This fee is always reflected in Box A on a Loan Estimate and Closing Disclosure. The lender fee may have many different names and be listed on more than one line item. Names may include Underwriting Fee, Processing Fee, and/or Application Fee, just to name a few. Typically, lender fees will range from $900 – $1900. Mortgage companies in Florida will rarely waive these fees, but it never hurts to ask. A select few mortgage companies have no lender fees like Ready Rate, and companies that eliminate lender fees should be commended for helping to take ‘greed’ out of lending. It is important to recognize that all other fees related to a mortgage are property-related and driven by a third party to the transaction. Third parties might include Title Companies, Local Municipalities and Governments (that collect Taxes and Service Fees), Survey Companies, and Appraisal Companies, just to name a few. All these non-lender fees will ultimately be the same regardless of the mortgage company that you pick. This is where some mortgage folks underestimate those third-party property-related fees, in order to make themselves look less expensive. Be careful not to fall for that trap, and if you recognize it this is a red flag too.
The Expertise of the Mortgage Professional – After talking to a mortgage person you should feel encouraged, confident, and clearly focused on an objective. If you feel this way, then you can be confident you spoke to someone who knows what they are doing. A mortgage professionals’ expertise is your advantage. The questions that they ask, the way that they listen to and analyze your responses, the way they mold the conversation to recognize and embrace what’s important to you, all these things are of the utmost importance. If at the end of the conversation you feel pressured, lost, uncertain, or confused, beware. This is a red flag, and as they say, it is probably time to get a second opinion.