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Top-4-Questions-to-Ask-Your-Florida-Mortgage-Lenders-Before-Getting-Their-ServicesFlorida Mortgage Lenders

Top 4 Questions to Ask Your Florida Mortgage Lenders Before Getting Their Services

08 May 2020

We always advise people to choose the Florida mortgage lenders for their mortgage wisely before making any deals final. Finding out how suitable a mortgage lender is can take place by asking them questions that will allow you to have a general understanding of how they work.

Below are the 4 questions you should ask your mortgage lender to help you make a smart choice.

  1. 1. What Is the Perfect Mortgage Type for Me?

Asking this question will allow you to gauge if the mortgage lender is knowledgeable in the field or not. We advise you to ask this question after you have filled out and submitted your loan applications because the mortgage lender requires your information before they can make any suggestions for you.

  1. 2. What Are Your House Loan Offerings?

Some lenders provide a wide variety of mortgage offers. On the other hand, other lenders have a specialization regarding the type of home loans they offer. It is essential to find a lender that provides the type of mortgage that you need for your property. Listed below are some of the mortgage types:

  • Fixed-Rate Loan

Fixed-rate loans have the interest rates that do not change over the course of the loan.

  • Adjustable-Rate Mortgage

Adjustable-rate mortgage or ARM initially provides a low-interest percentage, which is subject to increase after 2 – 5 years, based on the status of the market.

  • Federal Housing Administration Loan

Federal Housing Administration loan or FHA loan aims at home buyers with low income. With an FHA loan, you can buy with as little as 3% down.

  • Veterans Affairs Loan

Veterans Affairs loan or VA loan, as its name implies, can only be obtained by those who serve or served in the military. This type of loan will enable you to get 100% financing, meaning you won’t be required to pay a down payment. Not paying a down payment is possible because the VA backs up the mortgage, lowering lender risks.

  • S. Department of Agriculture Loan

The government guarantees this loan, similarly to the VA loan. This time, however, the government body backing up the loan is the U.S. Department of Agriculture Rural Development. People living in towns with no more than 10,000 population can get this loan. The down payment for USDA loans can go as low as 0%.

  • Jumbo Loan

A Jumbo loan is the term for mortgages that exceed the limitation of loans guaranteed by the government. This limitation is $ 484,850 in the country, meaning if your loan is over $ 484,850, you must get a jumbo loan. This limitation is increased to $ 726,525 in locations with a high cost of living, such as San Francisco and New York.

  1. 3. How Many Days Does It Take for You to Close a Mortgage?

A recently conducted research discovered that the closing process requires 50 days on average to complete. However, if the market you’re in is a very active one, you need to be able to close the mortgage in 30 days or fewer.

Take note that some kinds of loans have a longer processing time compared to other types. The FHA loan mentioned above has an average completion time of 30 up to 60 days. Such completion time is due to the different requirements that are needed to get different loans. Some require the house to be inspected first, especially government-backed loans. Consider getting a different loan type if the loan you want has a longer processing time than what your market requires.

  1. 4. What Documents Should I Prepare?

You need to provide personal identification, your credit history, and proof of income and assets in general when taking a house mortgage. However, requirements may vary depending on the type of loan you are planning to get, and as such, asking your mortgage lender regarding all the required documents is very important so that you can prepare them sooner. You do not want your closing time to be delayed just because you didn’t process your documents on time.

 

We are here to help you choose the right Florida mortgage lenders and ensure a smooth closing. Please contact us by phone at (305) 901-5628 or by email at Romy@MarinaTitle.com.

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