Benefits of Using a Mortgage
Why should you even use a mortgage
broker? A knowledgeable mortgage broker will work to secure the best rates and
terms for you. Among other things, a mortgage broker can:
Save You Time and Work
A mortgage broker knows the industry and
regularly works with a wide range of lenders. A broker can recommend a good
lender and warn you against a disadvantageous mortgage contract.
Of course, you should also do some
independent research before you hire a mortgage broker. You can use a variety
of mortgage calculators online to compare rates and gain a basic understanding
of what you may expect in mortgage terms. This extra knowledge will also help
you evaluate a broker’s professional credibility.
Help You Access Lenders
Some lenders only work with clients
through mortgage brokers and will not even consider giving you a mortgage if
you approach them directly. Such lenders rely on the broker to bring in
reputable, low-risk clients.
A mortgage broker may also be able to
negotiate the best interest rates for you. Lenders are often more willing to be
flexible with a broker, because a broker helps them generate a high volume of
Taking on a mortgage or working with a
lender may involve several types of fees, such as origination, application, and
appraisal fees. A savvy mortgage broker may negotiate with a lender on your
behalf and get them to lower or even waive some of the mortgage fees. Depending
on the type of loan, this can amount to thousands of dollars.
Having said that, you should only hire a
creditable mortgage broker with a stellar reputation.
Beware of mortgage
Serve their interests above
Often, a mortgage broker will receive a
commission fee from the lender. The fee varies and may be based on the loan
amount. An honest broker should lead you to a mortgage deal that works for you—not a deal that offers maximum
commission for them.
Ask for an excessively high
fee. If the mortgage broker is asking for a fee,
calculate it into the overall mortgage costs and consider whether you are still
getting a good deal.
Don’t really deliver a better
deal. Do not assume that a mortgage broker can always
negotiate a better deal for you. In
some cases, a lender will offer you the same terms if you contact them
directly. Shop around to ensure you are truly getting the best value.
Different Services Offered by
At Equitable Mortgage, we help our
clients negotiate the following types of loans:
- Home Purchase. This
includes conventional and government-insured mortgages.
- Home Refinance. Mortgage refinancing means taking on a new loan with a lower interest
rate or better repayment terms to pay off the original mortgage loan.
- FHA Loans. An FHA (Federal Housing Administration) loan is a type of mortgage
insured by the FHA. FHA loans are meant to help borrowers with lower income and
credit scores. The minimum down payment may also be lower than with a
- VA Loans. A VA loan is a mortgage option for active-duty military or veterans.
It is backed by the VA (Department of Veterans Affairs). A VA loan does not ask
for a down payment and can be used to purchase property or for refinancing.
- Fixed-Rate Rate Mortgages. A fixed-rate mortgage has an unchangeable interest rate that does not
depend on market fluctuations. Term options may range between 10 and 30 years.
- Adjustable Rate Mortgages. An adjustable-rate mortgage (ARM) has an interest rate that may change
depending on national index rates. Initially, ARMs will often require lower
monthly payments than a fixed-rate mortgage, but the payment amounts can climb
- Bridge Loans. A bridge loan is a temporary loan homebuyers typically opt for if they
take on a new mortgage before selling their old home.
- Reverse Mortgages. A reverse mortgage is a type of loan for seniors 62 and older who are
interested in borrowing cash against their home’s equity.
Will I Get Approved for a
Mortgage in Florida?
Generally, to qualify for a mortgage in
Florida, you need to have:
- An acceptable minimum credit score. Ideally, your FICO score should be at least 620. Some lenders will
approve mortgage loans for clients with a credit score of 580 and above.
However, a higher credit score will usually give you better mortgage terms.
- No high amount of debt or
past bankruptcy. A high amount of unpaid debt or
bankruptcy in the past 10 years may keep you from qualifying for a mortgage.
- A verifiable steady income.
Business owners with highly fluctuating incomes, people in the process of a
career change, and fresh college graduates should research their options.
- Money for a down payment and closing costs. Typically, the more you can put forward as a down payment, the better
your mortgage terms are likely to be.
Why Choose Equitable Mortgage
At Equitable Mortgage, we are committed
to bringing you the best available mortgage advice and solutions. Our clients
are our top priority, and we will work hard to give you an easy, stress-free
mortgage experience with uncompromising professional integrity and excellent
Our convenient Equitable mobile app will
simplify the process of buying property and securing a home loan. Whether you
are a first-time homebuyer, a homeowner looking into refinancing options, or a
real estate agent helping clients through the steps of purchasing a home, you
will benefit from using the Equitable app.
Call us at 239-695-7796 or fill out our website form
for a free, no-obligation mortgage consultation.