Choose the Proper Florida Home Loan Lender
As you prepare to purchase a home, selecting the best Florida home mortgage loan for your needs, goals and budget is obviously an important decision. But it’s not the only one you’ll have to make.
What about your Florida home loan lender? How do you know which will save you the most time and money? Aside from the offers these professionals are tossing out there, consider which officer you wish to be aligned with.
With that in mind, here are five steps to follow when determining which lender is right for you:
Compare fees as well as interest rates
Comparing Florida home loans based on their annual percentage rate is a good place to start, but it’s not enough. To get a more accurate breakdown of costs, ask various lenders for a formal “good faith estimate” of all the fees you’ll incur with your Florida mortgage loan - this is a standard form lenders must provide you that is more detailed than the overview you’ll get with an offer.
Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You’re not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don’t use a lender that you feel is evading your questions.
Consider your individual circumstances
Bigger lenders aren’t necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in Florida home loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.
Look at the range of Florida home loan types available
There are more Florida home loan options available than ever before, so take advantage of all those choices. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate mortgages to newer ones such as hybrid ARMs and option ARMs.
Evaluate the level of customer service
When you’re comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You’re looking for flexibility and responsiveness.
If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only Florida home loan. If you’re not getting good service from a lender who is competing for your business, you’re not likely to get it after you’ve agreed to work with them.
Consider the lender’s reputation
Word of mouth is important in every business, including the Florida home loan market. If you’ve never worked with a particular lender, you’ll want to find out the opinion of people who have. This is especially the case in light of recent, suspicious Florida home mortgage loan activity.
