How do find the best mortgage deals? The short answer is to shop around and get a good faith estimate. Many Florida mortgage lenders will advertise low mortgage rates they just cannot deliver without charging higher points to make up for the discounted interest rate.
For over 38 years our Florida mortgage company advice has been to shop for the lowest interest rate with zero points and low lender fees. No matter which mortgage program you are shopping for make sure to compare mortgage terms apples to apples. If you get an interest rate quote with one point don’t compare mortgages with zero points or two points for example. Make sure all of the quote have the same points and lender fees then compare interest rates for those quotes.
Florida reverse mortgages are some of the easiest loans to shop for as loan as each reverse mortgage lender is using the same appraisal estimate to issue a quote. You will want to focus on the total closing costs, appraised value estimate and net loan proceeds.
Most borrowers shop for refinance programs since there is usually no rush to get the loan closed, they already own their home and have more time to compare mortgage rate and programs. Borrowers purchasing a home are more likely not to get the best mortgage deals since they have to close before their purchase contract expires. Many homeowners to be get a referral from real estate agents or home builders whose main concern is an on time closing not the best mortgage deals.
Our advice is to spend a day getting written mortgage quotes from at least three mortgage brokers and work with who you feel has the best price and mortgage business experience. Many larger mortgage lenders and banks are still exempt from disclosing certain fees so take this into consideration when getting quotes from larger mortgage providers. An honest independent mortgage broker will usually have a wider choice of wholesale mortgage lenders to choose from therefore delivering a lower price and fully disclosed closing fees.
C & C Financial Services, Inc. is an independent Florida mortgage broker business since 1981. Check our rates and give us a call at 813-874-5800 or 1-800-287-8858.
