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Miami Beach 411
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Finding a Mortgage Broker

Earlier we discussed how integrity must be revealed in order to have a professional business relationship. Firstly, let's not confuse integrity with "nice" (some times "nice" is a cover). My belief is a person of integrity will speak his/her truth.

So, how do you find a mortgage in Miami? It is important that you ask direct questions and if direct answers are not forthcoming chances are you're being "sold". Good products do not have to be "sold" they are easily bought, and the fit is comfortable from the beginning.

We touched on how Banks and Brokers make their profit by "front end fees" or "back end rate". Sometimes a combination of the two. It's important to have all fees discussed early on, and also to be rate conscious.

Don't hesitate to ask for:

• Good Faith Estimates to be faxed.
• A copy of the rate sheet that the bank or broker is using (which will have a date on it).
• A copy of a lock request which you may or may not wish to execute (definately ask for this document if you have agreed to rate lock).
• Find out what program and lender you will ultimately be assigned to.

Find a Florida Mortgage

Common mortgage questions

If I want to purchase a home or condominium in Florida do I have to reside in that state?
No, you can live in any state and our larger institutional lenders have mortages for persons who reside outside the U.S. who will be living here temporarily.

If I have an excellent credit rating and wish to purchase a
second/vacation property do I need a large down payment?

In some cases zero down is still available however, there are some excellent Low Interest Adjustables available with 5% down which allow for lower monthly payment.

I have been self employed for more than 2 years, is it true I do not have to prove my income?
A person who has been self employed must only prove that they are in business for themselves. If that persons credit is excellent, they can "state" their income and this income is accepted based on 2 years self employment and the excellent credit history.

What is the one thing I can do which will help me establish mortgage credit?

Pay your rent by check, and save your bank statements and or cancelled checks. Most lenders will look at 12 to 24 months of rent history as "mortgage" history.

What if my circumstances/conditions do not meet a particular guideline do I have to be penalized?
Not necessarily, if something is questioned or modified by a lender your mortgage professional "should" immediately inform you and let you choose whether to proceed with your transaction should any program changes occur.

What is a "Government" Loan? Are they difficult to qualify for?
The two types of Government loans: FHA (Federal Housing Administration) or VA (Vetrans Administration). No, you can be approved with no credit history; however, a negative credit history will typically disqualify an applicant.

If I am turned down for an FHA Loan are there still possibilities that I can be approved for another type of loan?
Yes. There are still conforming and non conforming programs that you may be approved for. (Some of which do no require down payment).

How can I be certain that my mortgage professional will have my best business interests in mind?
Clarify and make sure all "details" are discussed. They should be in communication with you about every 48 hours as loan progresses.

Paperwork normally required:

• 2yrs W-2's or Tax Returns
• Recent paycheck stub for W-2 employees
• Drivers License or Picture ID

At the time you sign your preliminary paperwork, there are documents signed knows as RESPA documents (Real Estate Settlement Procedures Act) this is a governing body which is a brance of the Federal Reserve Board.

Jim Moore is a trusted Florida mortgage expert who wrote A Wholesale Guide to Florida Mortgage. If you wish to contact Jim call
1-305-609-4144, or email:

Next > Mortgage Glosary of Terms - Page 1, 2, 3, 4, 5, 6, 7

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