What should I do?
Lately allot of people have been asking when is the right time to refinance their current mortgage and what type of mortgage should they get. From the conversations I have had recently, most people would love a one line answer. If i did give them a one line answer, I wouldn't be doing my job. So i begin by asking them a few important questions such as, what kind of mortgage do you currently have now, why do you want to refinance and how long do you plan on staying in your current home? From there it can go a few different ways. If you plan on staying in your home more than 3 years less than 7 you should get what is called an ARM loan Fixed for 5-7 years. If you plan on staying in the home for over 7 years then a 30 year fixed mortgage might be the way to go. You can also get interest only payments to lower your monthly expenses to help keep the housing expenses in line and stress down.
There are allot of factors that need to be laid out on the table to get a better understanding of what is best for everyone. Some of those factors are income, debt, and retirement planning goals. I want to make sure you get the proper mortgage and that you enjoy your home and don't feel as if it is a burden on your life style or pocket.
For more detailed information on different mortgages or to ask me a question please visit me at Florida Mortgage Financial Group
Can I use a Mortgage Broker?
The difficulty for most people in shopping for their own loans is that they don't know all the right questions to ask and most lenders and banks offer only two or three programs.
A mortgage broker on the other hand, can submit your loan to many different lenders, have access to many different types of loan programs, can shop around for the best and most competitive mortgage rates and terms available tailored to meet your particular needs. Some charge fees or origination fees; some do not.
If you feel confident doing the leg-work and navigating the maze that banks put up to find the best rate, get the least points, and minimize fees, then by all means have at it. Calling all the lenders alone will take a ridiculous amount of time while they make you jump through hoops. The question you have to ask yourself is: how much is my time worth? It's important to ask yourself that at the beginning, so you know how much your efforts will cost you, versus letting a professional that already has those doors opened up handle the situation.
Now, if you do not have the time to do a thorough job (and who does, these days?) or don't know all the in and outs of a mortgage or loan, then a mortgage broker, either one nearby or one of the variety of online brokers, is an excellent resource to cut down on the amount of work you need to do. That's not to say that you have to take a completely hands-off approach to finding your perfect loan! A broker can provide a wide variety of services, including calling lenders and getting all the necessary paperwork filed, that will simply cut down on all the legwork and provide you with the finished results to look at. A good, experienced broker will do all the necessary negotiations for you so you go in with a fully armed professional.
It's in a broker's interest for you to take the loan, so he'll work hard to provide you with exactly what you want to see, but only as long as you know what it is you want to see. That's why it's important to use a broker that you trust, and have plenty of information and resources on hand to do it right. Our own brokerage, FMFG, can provide you with all these services, and you'll be going in armed with all the latest information straight from the horse's mouth! You simply can't beat that. I'm here to help, so any questions you have, whether from FMFG or any other broker, just ask... I'll even take a look at your paperwork and see if there's anything that can be improved on. Any improvement means more money for you, so I expect people to take me up on this offer!
Doing it all yourself is by no means impossible, but it can be very, very difficult. It's not made any easier by the overcomplicated processes that lenders and banks put forth in order to qualify the potential client, not to mention the negotiations needed in order to attempt to lock in the lowest rates. Remember, too - the people you'll talk to are professional negotiators. Pitting yourself against them without any background can be disastrous to your efforts and very frustrating. As long as you know what you're looking for, I recommend that you let a qualified broker handle all the grunt-work for you, and just present you with the options. By tuning into this site, you'll learn what you need to find to make absolutely sure that you're getting the best possible loan from a broker, and not getting shafted in the process.
Good questions
A question I hear a lot these days is "what kind of mortgage do I get?" It's right up there with "how do I get a lower rate?" I'm going to address both of these questions over the next few weeks in a multi-part series, and hopefully you'll be able to determine what you need based on the information alone.
The first part of the series will be in itself multi-part, and each edition, I'll go over the individual types of loan. I'll explain what they are, what they require, what kind of needs it fills, and much more. It's important to understand the different loan types, but not just what they provide so much as who they're tailored for. Obviously, not every type is good for everyone, and I'll explain in detail what would best qualify someone for that specific kind of mortgage loan. This guide will be as comprehensive as I can make it, and I hope that it can become a handy reference to the people out there who have mortgage needs but aren't too sure about how to bring the financial resources out of their assets.
Getting a lower rate will be the second part of the series, where I'll discuss all the different ways mortgage brokers get the rates they do, how to discover any padding or tricks you may not otherwise see, and how to make absolutely 100% sure that you're getting the absolute most out of your assets. Many mortgage brokers out there are driving a BMW or a Mercedes because the average person has no idea what they're paying for when they're hiring "the experts." Make no mistake, a mortgage broker will always know how to get you the best possible situation - that's why they're professionals in their field. However, there are precious few brokers who are honest enough to give you that perfect scenario, where you get the lowest rate, the best options, the most money. The second part of my guide will help you determine whether you're dealing with an honest broker or not. Take it from me - I've been a broker for over 10 years now - there's no shortage of shysters out there.
I'll address many more questions along they way, of course, and explain anything that needs explaining. If you have a specific question, I'll be happy to help you: just send me an email, or just get in touch with the experts at FMFG and ask the fine people there.