Sun, Sea, Mickey, And A Florida Mortgage Lender

Posted by Nick Niesen on October 29th, 2010

Here's what Florida is about: sun-soaked beaches, endless stretches of sand and sky, and an impish little mouse named Mickey. Here's what Florida could be about, too: the once-in-a-lifetime chance to live in paradise with the help of Florida mortgage lenders.

To ensure you get the best financing deal from Florida mortgage lenders, follow the three steps enumerated below.

Step 1: SHOP

Yes, shopping is therapeutic. In this instance, it's wise, too! Seeing many Florida mortgage lenders will open more doors to greater possibilities. By seeing many Florida mortgage lenders, you will be able to see all the options available to you. At the same time, you can see for yourself which option will suit you best.

In seeing Florida mortgage lenders, be sure to cover the following matters with them:

* Downpayment

* Monthly payment and interest rates: ask about the difference between fixed and adjustable terms

* Annual Percentage Rate: This rate takes into account points, broker fees, and other credit charges.

* Points: Note that the more points you pay, the lower the rate.

* Fees: These include costs incurred during the transaction, settlement, and closing of the deal.

* Private Mortgage Insurance: Florida mortgage lenders usually charge this to protect themselves in the eventuality a homeowner fails to pay.

Step 2: COMPARE

Knowing the information from your shopping list of your target Florida mortgage lender is not enough. Ask for information about the same loan amount, loan term, and type of loan from other Florida mortgage lenders to compare information. The more options, the better. You can later trim it down to those fitting your needs.

Step 3: NEGOTIATE

Once you have shortlisted Florida mortgage lenders who can best give you what you need, negotiate for the best deal possible. Rates and loan terms will vary from time to time. However, it would all boil down to the kind of lender you have. In dealing with a Florida mortgage lender, never forget that the transaction is purely for profit.

Though your lender appears friendly and approachable, do not forget that to him or her, you are only one house about to be taken off the market.

Clearly, you should not be swayed by toothy grins and perkily made offers. Stick to your budget. Do not get talked into buying a house with more space than you will need in this lifetime or the next.

Once you have hammered out an agreement with A Florida mortgage lender, secure a contract or lock-in right away. This should include agreed rate, duration, and number of points paid. This will protect you from rate increases while your loan is being processed. On the downside, if rates get lower, you will end up paying more, too. In cases like this, however, it is still possible to negotiate with your Florida mortgage lender for lighter terms.

Owning a home in California is now very easy. The three-step process explained above shows that not only is California a home for the young, beautiful, and fun-loving, it could also be home to the patient and the money-wise.