Miami Mortgages and Mortgage Brokers

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Housing costs in Miami run much higher than the rest of the nation, making it more critical than ever to ensure that when you purchase or refinance a home you obtain a mortgage at the best possible terms. A difference of a fraction of a point in your interest rate can mean thousands of dollars when extended over the term of a thirty year mortgage.

Current Mortgage Rates in Miami

Mortgage rates vary significantly from day to day, so you’ll want to make sure you understand the current market before shopping around for a mortgage loan. One of the best places to check is BankRate.com’s mortgage comparison site which explains loan terms from lenders in your area. 
 

Run the Numbers

Before accepting any loan, be sure to request a copy of a Good Faith Estimate. These standard reports list all of the costs associated with a mortgage and allow you to compare apples to apples. You can also use online mortgage calculators to assist you in performing your own calculations. Finally, be sure to completely understand the terms of your mortgage and aim for a traditional mortgage, rather than one of the risky alternatives.

Preparing for a Mortgage

One of the most important things you can do when considering a mortgage is gain some insight into your credit report. The Fair Credit Reporting Act requires that the major credit reporting agencies provide you with a free copy of your credit report upon your request. Be careful to visit the official government site to request your free report, as there are many imposter sites.

You also may wish to obtain your credit score for free through the Credit Karma site. This will give you an idea of your attractiveness to mortgage lenders. Your score ranges between 300 and 850 and depends upon many factors, including your payment history, age of your credit history, current debt, and recent credit report inquiries. You may also be interested in techniques to improve your credit score. 
 

Mortgage Brokers

Many people choose to use a mortgage broker to assist in the lending process. Brokers must be licensed by the state of Florida and are able to negotiate loan terms on your behalf with various mortgage lenders. It’s extremely important to remember that mortgage brokers are compensated by lenders when they originate a loan and have their own best interests at heart. While it’s always worthwhile to check with a mortgage broker, you’d also do well to contact several banks directly to compare loan terms.

If you’re looking for a mortgage broker to represent you, try contacting the Florida Association of Mortgage Brokers for a referral to a licensed professional.

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