There have been many changes in the mortgage business recently and one of the most important individuals in the process is the loan processor. My experience as a loan officer and mortgage loan originator has made me really appreciate our processor here at Florida Mortgage Funding Group. I can remember a few years ago when I was acting as the loan officer and processor at my previous job. At that time I felt like I was getting everything done sufficiently but I was wrong. Some of the things a good processor will do is obtain insurance quotes, order title, submit loan to underwriting, collect documentation, order surveys, order appraisal, and the list goes on. The most important thing about a good processor is that they control the time it takes to close the loan. Since the average closing time on loans at Florida Mortgage Funding Group is 30 days or less I can tell our processor is getting the job done. If you are interested in a simple mortgage process and a closing in less than 30 days please contact me.

Below are five reasons you may want to choose a mortgage broker over a mortgage banker.

1. Mortgage brokers have access to multiple mortgage lenders and can make sure you are getting the best rate and terms on your loan while only pulling one credit report.
2. Mortgage lenders compete to win the mortgage brokers business. This means better all around service and can help avoid any pitfalls of the loan process.
3. Loan guidelines change frequently and a licensed mortgage loan originator must stay informed on all market changes.
4. The livelihood of a mortgage broker depends on the amount of loans they close so there is a much greater incentive for them to get your loan closed on time.
5. Federal laws have been passed to regulate how much a mortgage broker can charge each borrower making sure rates and fees are fair.

In conclusion, there are good mortgage brokers and mortgage bankers. Choosing an experienced mortgage broker will offer the advantages listed above.

 

 

 

The average interest rate for mortgages decreased slightly last week. The Federal Reserve met for the first time last week and again reduced it’s purchases of bonds. The stock market continued it’s decline as some of the most recent economic headlines were a bit weaker than expected. The good news is that inflation is minimal so the Fed can keep rates low for the foreseeable future. See current information at the Wall Street Journal Market Data page.

 

 

 

Below are 10 Tips to Remember When Shopping for a Mortgage:

1. Compare all loan products with your loan officer to determine the right one for you.

2. Save as much as you can towards your down payment and closing costs.

3. Once you get pre-approved do not apply for any new credit.

4. Make sure your credit is in good standing before applying for a loan.

5. Higher credit scores usually mean a lower rate.

6. Do not close credit cards while in the loan process.

7. Know what you can afford.

8. Do not make large deposits into your bank account that are out of the ordinary.

9. Make sure to disclose all monthly payments on your application.

10. Submit as much documentation to your loan officer at the time of pre-approval.