Welcome to Mortgage Guide
Florida Mortgage Broker Licensing Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Solidifying That Mortgage Quote
from:You’re in the market for a home and it’s an exciting time. Your realtor may be pressuring you to go to a lender and get a mortgage quote so that you know in what range you can buy safely and prequalify too. You may even be tech savvy enough to hop online and find networking areas where you can get several mortgage quotes from various lenders, but then you’re left wondering which one is the best deal. How do you really know whether one mortgage quote is better than another? That’s where the good faith estimate comes in.
The Breakdown of a Good Mortgage Quote
If you really want to know how it all breaks down, you have to get a good faith estimate from a lender for your mortgage quote. You can get a good faith estimate from any number of lenders that you want and for different mortgage products too. Some people shop for the best deal this way and take the best offer and show it to other lenders to try to beat that one as well. Without a good faith estimate a mortgage quote may not be reliable. The Federal government insists that lenders provide a good faith estimate within three days of applying for a loan.
Some of the things you can expect a good faith estimate to show are the potential costs at closing of the following:
• Loan application fee
• Fees for pulling credit reports
• Title work
• Attorney fees
• Cost of appraisal
• Cost of inspection
• Survey work
• Document handling and processing fees
• Taxes
• Escrow accounts
• Your interest rate
• The terms of the loan
• The amortization schedule
Comparing Two or Three Mortgage Quotes
If you are trying to find a good deal, you will want to get the good faith estimates for the different mortgage quotes on the exact same product to fully compare them. If you get one that has a teaser interest rate that shifts after six months to a year, it may initially look favorable but in the long run will cost you more money. Make sure that they all have the same length of term because a 40-year loan will look like a better deal than a 30-year loan when it comes to the amount of the monthly payment you have to make. However, you pay significantly more money over the life of the mortgage with a longer term than you do with a shorter-term mortgage. So, always make sure that you are looking at very similar offers from different lenders and not two separate types of loan products.
Florida Mortgage Broker Licensing News
Woman, dying and abandoned, on hook for two mortgages, Hathaway felt - Legal News Line
 Legal News Line | Woman, dying and abandoned, on hook for two mortgages, Hathaway felt Legal News Line The WXYZ report showed that a bank agreed to a short sale of Hathaway's home at Lake St. Clair for $840000, nearly half of Hathaway's mortgage. Before the sale, two of her homes - one in Florida and the other in Michigan - were transferred to her ... State Supreme Court Justice Diane Hathaway keeps mum as more property ... |
Real Estate News — National brokerage presents awards to affiliate; baby ... - Charleston Post Courier
Real Estate News — National brokerage presents awards to affiliate; baby ... Charleston Post Courier Broker-owner Annalisa Jordan accepts an award for agent Jennifer Burke of Weichert, Realtors Palmetto Coast. Bestowing the honor was Martin Rueter, president of Weichert, Realtors Affiliates (Photo provided). This two-story floor plan is one of the ... |
Short-sale firm owner is arrested - Palm Beach Post
Short-sale firm owner is arrested Palm Beach Post Dieuvil was also a licensed mortgage broker until that license expired Dec. 31, 2010, according to state records. Specific charges against him include obtaining property by fraud and acting as a loan originator without a license, according to the Palm ... |
President of Palm Beach County foreclosure-rescue company charged with fraud - Palm Beach Post
 Palm Beach Post | President of Palm Beach County foreclosure-rescue company charged with fraud Palm Beach Post Dieuvil was also a licensed mortgage broker until that license expired Dec. 31, 2010, according to state records. Specific charges against him include obtaining property by fraud and acting as a loan originator without a license, according to the Palm ... |
Michael Alexander & Stuart Shanefield of WCS Lending Ranked Number 1 & Number ... - MarketWatch (press release)
Michael Alexander & Stuart Shanefield of WCS Lending Ranked Number 1 & Number ... MarketWatch (press release) WCS Lending of Boca Raton, Florida was founded in 2001. We're a multi-investor mortgage banker, licensed in 49 states. We are one of the largest mortgage lenders in Florida, funding over two billion dollars annually. WCS Lending is a full service ... |