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Florida Online Mortgages

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Types of Loans - Credit Scores - Real Estate Buying Tips - Loan Info

It is still a good time to buy Florida Real Estate. Selling prices in many locations and mortgage rates and financing costs are still low. You can get a 30-year mortgage around approximately 4.5 percent. If you put down 10 percent and the house is up 5 percent, then you would be up 50 percent on your investment. And you've locked in the cost over the next 30 years. The cost of owning is somewhat less than renting. Rent typically goes up every year. But on a 30-year mortgage, the cost is fixed.

Searching for the Lowest Mortgage Rates

Freddie Mac Primary Mortgage Market Survey. For 2016- 30 year fixed rate mortgages continue to average below 4%.

Know your Credit Score! Mortgage Lenders base Loan Approvals on it.
A Poor score will cost you - The higher your credit score - the lower your mortgage rate.
A general lender guideline - Very Good to Excellent over 700 .. Good 680- 699 .. OK 620- 679 .. Low 551- 620 . Bad under 550
Nearly 3 out of 10 Americans have a credit score of 620 or lower, according to data from
Today's most commonly used scoring system is FICO. Scores range from 300-850

Credit file disclosure
, commonly called a credit report. It's available to you once every 12 months from one of the nationwide consumer credit reporting companies: Equifax, Experian and Trans Union.
FREE Annual Credit Report

Buyers Save Money and Time when Pre Approved for Mortgages. Many real estate buyers guess how much they can afford. They do extensive searching only to find they can't get approved in their guessed price range. Before you've search for a home, condo or particular piece of real estate find out - How much you can borrow Free Calculator   Estimate loan payments Click Here

If you're preapproved, you receive a letter telling you that the Mortgage Company will lend you up to a certain amount to finance your real estate, subject to a property appraisal and other stated conditions. A pre approval means that you can look for homes or condos more confidently. By arranging financing in advance, you can act quickly when you find the right property. You'll know exactly how much you can borrow, and the letter shows sellers and real estate agents that you're ready and able to buy. You're in a stronger position to negotiate Real Estate asking prices down with a loan pre approval. 40% of Real Estate contracts fall thru because of financing problems with mortgages. When a MLS Listing says Contract Pending Real Estate Agents pass it up. Sellers realize that and may not negotiate too far from the asking price. A recent concern of many sellers is whether the home will appraise at the amount set forth in the contract. If the contract is contingent upon financing, the purchaser may have the right to terminate the contract and a refund of the down payment.

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Don't waste time searching for Your Dream Home and then Gamble you can really Afford it.

You must have a Loan Approval to make an offer on a Foreclosure.

It generally takes seven years for a foreclosure to drop off a credit report. Short sales take less time, generally three or four years.

Remember to approximate the taxes and insurance to get the full PITI (Principal, Interest, Taxes, Insurance) payment. Divide the yearly taxes and insurance by 12 months for the average per month.

3% down mortgages roll out - WASHINGTON Jan. 5, 2015 - Lenders' quick adoption of a recently announced decision to allow 3 percent down payment mortgages. Lenders say they've sped up the process. They're able to get the new product out faster because many lenders now sell their loans directly to Fannie Mae and Freddie Mac instead of aggregators or wholesale lenders that had attached extra lending guidelines to the loan requirements. Also, the qualified mortgage rule (QM), while stricter, has made it easier for lenders to assess quality control, underwriting and risk decisions because there are now fewer gray areas that require study.
Still, most consumers don't yet know that a 3 percent down payment mortgage product exists – yet. The mortgage industry must now start to make consumers aware that the low down payment loan products are available.

Financial News -
20-year mortgages cut interest significantly - Buyers with the ability might consider a 20 yr fixed-rate mortgage instead of the traditional 30 yr. A $200,000 mortgage with a 30-year term and an interest rate of 4.75 would have a monthly payment of $1,043 and the total interest over the life of the loan would be $175,600. The same mortgage with a 20 yr term at 4.5 percent would have a monthly payment of $1,265 with total interest over the life of the mortgage of $103,670.

Many people shop for real estate based on the monthly mortgage payment they can afford.
U.S. houses are more affordable today. Since last year at this time, the change has been huge. The mortgage payment on the typical home is now is 20% less expensive than it was a year ago. Last year, the median U.S. home would have cost about $230,000, with approximately 7% in interest on the mortgage. With a 20% down payment that makes it a $1,200 monthly mortgage payment. Today, the median price for a home is $200,000 which is a $30,000 difference from last year and the mortgage rates are down to 6%. Between the lower price and the lower mortgage rate, you'd be paying less than $1,000 a month on your mortgage now for the same house that would have cost you $1,200 last year.

Refinancing? Know your Credit Score and what you qualify for. When it comes time to financing you'll avoid un-necessary surprises. Up to 60% of people who check their free credit report find errors. You can get a free credit check if you've been denied credit in the last 60 days. 3 credit bureaus Equifax, Trans Union and Experian collect information from major creditors. Your credit report lists all credit history for the last two years; liens and judgments for 7 years; bankruptcy 10 years.

Financial News Lending - Fannie Mae and Freddie Mac gave the go-ahead to restart sales of their foreclosed properties, which had been on hold since when it was revealed that flawed or fraudulent court documents may have been used to repossess homes. Brokers received memos from the government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae's letter explains that evictions and lockouts are still suspended on its properties. In South Florida, the move releases thousands of houses for sale that were removed from the market earlier this fall, leaving buyers and Realtors in limbo. Fannie Mae and Freddie Mac own or guarantee about half of all U.S. mortgages, or 31 million home loans worth more than $5 trillion. About 12 percent of Fannie Mae loans in Florida are delinquent, while Freddie Mac has 17 percent of its Florida mortgages in arrears.

Best Loan Rates - Search Best Loans and Mortgages

A poor credit score can cost you money, knowing what to do to improve your score can help you save money!
Mortgages, Loans and Florida Real Estate Information. Do the Home Work and be a wiser buyer or seller. Find links for Home Inspectors, Home Appraisers, Schools, Maps, Online Mortgages, Loans, Attorneys and more. We specialize in Pinellas County, Pasco County and Hillsborough County

This web site is a research platform to assist consumers in their search. Consumers interested in obtaining information regarding mortgage, refinancing, fixed rate mortgages, adjustable rate mortgages, no money down loans, reverse mortgages, purchase or debt consolidation loans and other related information should do their own comparison shopping and seek advice from licensed professionals

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