Florida has a bustling real estate market and there is no dearth of mortgage lenders. A basic Internet search will give you names of dozens of lenders. You could also find a reliable lender by checking with family members, friends, or your financial institution. If you have retained the services of a mortgage broker who is not affiliated with or employed by a single lender, you may be able to learn about more lenders. Mortgage rates and terms can vary based on your financial circumstances and credit history and there is a great deal of variation between lenders, too. While the mortgage market is competitive, it may help for you to start your search for a mortgage with a lender you have an established relationship with and to then shop around for the best rate and terms. Check that the lender you plan to use is licensed with the Florida Department of Financial Services. Some warning signs that you may be dealing with predatory lenders are advising you to borrow more than you need or can afford to repay, not explaining the rate and terms of the mortgage clearly, charging excessive fees or a rate much higher than you are entitled to based on your credit history, or asking you to falsify information so you can qualify for a higher mortgage amount. Once you are at the contract signing stage, read what the contract says carefully and dont hesitate to ask as many questions as you need to and ensure they are answered to your satisfaction. If a lender tries to rush you through the signing process, this may be another warning sign. There is always room for negotiation- if you dont ask, you will never know if you may have been eligible for more competitive terms or to have some fees and points waived. |
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