Florida Mortgage Trends

Mortgage rate shopping can pay off for you in lower monthly payments on your home as well as the possibility to save thousands of dollars over the life of your loan depending on the time you live in the home. 

Know Your Credit Score - Everyone who needs a mortgage has a credit score already.  Creditors report any negative activity, such as a late payments to the credit bureaus, the Big three are Experian, Equifax & TransUnion. For info. on what the credit bureaus look for Click Here.

Repair Your Score - About 70 percent of credit reports contain at least small mistakes.  If there are errors you can document, write the credit bureau, enclose a copy of your documentation & request they fix the problem.  They must acknowledge your letter within 30 days.  If you have a valid claim, the bureau must contact the lender in question & resolve it.  If the matter is resolved in your favor, you also receive a free copy of the corrected credit report.  For forms & address on where to mail - Click Here.

National Trends, National Rates vs.  Local State Rates

The housing market is cyclical & regional.  A region of the country may offer lower rates than you see with your local lenders.  When you contact the national lenders most likely their rates will get worse once they are alerted that your property is located in Florida.  The risk to Florida home loans right now & other states like Arizona, California, Ohio, Nevada, etc. are high & rates may be higher in these regions.  So it's very important to get rates from local state lenders.  For a view of current National rates vs Florida wholesale rates - Click Here. 

Know What You Want

There are a variety of mortgages for a variety of need. First-time home buyers have many low-interest programs targeting them. If you have cash & can get an 80 percent loan, you save on mortgage insurance & are a better risk for the bank especially in the above regions.  Refinancing has its own set of rules. Know the type of mortgage you need before mortgage rate shopping.

Begin Shopping Lenders

You can compare rates online, but that doesn’t mean it’s your best rate & that it will be the final rate for your Florida property.  Retail Banks tend to have higher rates over wholesale mortgage lenders.  Make sure your mortgage provider provides wholesale rates & they understand your property is in Florida.  Hopefully you will find a wholesale lender who can shop a number of wholesale sources to get you the lowest rate.  Typically Banks are retail & only offer their source for their mortgage rates.  Begin mortgage rate shopping by shopping for wholesale lenders. 

You’ll get your best rate if you know & repair your credit score; know the type of loan you want; & work with a wholesale lender with whom you want to deal with.  You can find America's Best Mortgage in Florida at AmeriBest Mortgage!