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Home Mortgage Preparation :: Florida Mortgage Lenders
Florida Mortgage Lenders: How to Avoid Abusive Mortgage Lenders in Florida
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Overall, Florida mortgage lenders are sincere, ethical, honest and dedicated to you, the homeowner.
However, there are companies and brokers who don't have your best interests at heart, so, as a consumer, it's important to be aware of the mortgaging process before you enter into the biggest financial transaction of your life.
To learn how to avoid abusive lending practices and find great Florida mortgage lenders, keep reading.
Shop and Compare
Shopping around for a loan doesn't just let you compare interest rates, it will also let you compare lenders. When comparing Florida mortgage lenders, you also want to find out what the total cost of the loan should be.
A good lender should provide you with a Good Faith Estimate of costs that includes closing costs, monthly payments and the total cost of borrowing.
Watch Closing Costs
Don't let low monthly payments or a cash-back promise affect your judgement. Before you agree to a loan with abnormally high closing costs, ask yourself if it's really worth it and don't be afraid to negotiate.
Be Cautious
Most quality Florida mortgage lenders won't call you on the phone or solicit you by mail or at your door to offer you a bargain loan. You should also be wary of home mortgage lenders who claim “bad credit isn't a problem!” Typically, if something seems too good to be true, it probably is.
Delay Paying Up Front
If a Florida mortgage lender asks for up-front fees, ask them how the funds will be used along with an explanation in writing. If you are paying fees for appraisal costs or a credit check, pay by check and make it out to the mortgage firm.
Report Suspicious or Unethical Behavior
FAMB – the Florida Association of Mortgage Brokers – exists to help protect consumers and act as a professional association.
Unethical behavior on the part of Florida mortgage lenders can be reported to FAMB (www.famb.org) or the Florida Government's Department of Financial Services (http://www.flofr.com/Finance/MBlist.htm).
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