Are you searching to find the best Mortgage Specialist in Pompano Beach FL in 2019? You may be wondering where to find the best Mortgage Specialist in Pompano Beach near me? There are lots of companies that obtain mortgages for their clients, but how do you know who is the best? Will they take time and do it right or will they rush through the mortgage process to get to the next client? We have researched the Pompano Beach market and have found the best mortgage loan originator along with a list of critical questions for you to ask your mortgage specialist.
After careful consideration, here is our selection:
SmartGuy® Best Mortgage Specialist in Pompano Beach FL is:
Innovative Mortgage Services
17717 Hunting Bow Cir.
Lutz, FL 33558
Telephone Office: (813) 406-4750
Telephone Cell: (813) 260-0778
How to choose a Professional Mortgage Specialist
Before committing to a lender, there are several things you should find out by asking the right questions. If you don’t like the answers you receive, you can continue shopping for a loan until you find a mortgage specialist with whom you feel comfortable.
To provide you with accurate information, your mortgage loan originator needs to find out more about you, so don’t be afraid to share all your personal information, this would include permitting the lender to run your credit report. The more your mortgage specialist knows about you, the better the advice and assistance they will provide for you.
Here are 10 questions to ask your potential mortgage Specialist:
Which Type of Loans are available, and which Is best?
A Reputable Mortgage Specialist will find out more about you by asking you specific questions before throwing out loan options. Look for a Mortgage Specialist that gathers enough information from you before recommending a loan. Be sure to ask the question of your mortgage specialist when they are explaining your different loan options. What are the negative and positive things about the various loans available, like Fixed-Rate Loans, Adjustable-Rate Loans, Interest-Only Loans, Negative-Amortization Loans, or others they may suggest?
What will be the Interest Rate and Annual Percentage Rate?
The annual percentage rate (APR) is derived from a complex calculation, which includes the interest rate and any other related lender fees divided by the loan’s term.
You should know that some lenders may not compute APR the same as others. There is no way to compute an APR rate for an adjustable loan accurately, and an APR calculation does not account if you want to have early payoffs.
If you are looking at an adjustable interest rate, ask about its Adjustment Frequency, the Maximum Annual Adjustment, the Highest Rate (Cap), the Index and the Margin.
What Are Discount Points and Origination Fees?
When your mortgage specialist is explaining ‘Points and Fees”, remember that each “point” is equal to 1 (one) percent of the loan amount. So if you are offered two points on a $100,000 loan, that cost will be $2,000. Points and Fees can be hard to understand, so ask questions, so you understand everything.
Also, know that some lenders may charge origination fees in addition to points. There is a way for you to lower your interest rate by using points to “buy down” the interest rate, meaning the more points you pay to the lender, the lower your interest rate will be.
Depending on where you live, points can also be tax deductible, even if the seller pays some or all the points.
What will be all my Costs?
There are several different costs associated when you are considering a loan. These fees are the lender fees and related third-party vendor fees such as Appraisal fee, Credit Report, Lender’s Title Policy, Pest Inspection Reports, Escrow (if and where applicable), Recording Fees, and Taxes.
After calculating all fees, the lender will provide a Loan Estimate, which federal law requires the lender to give you.
Tell me a little more about my Loan Estimate?
As we said, all lenders are required by law to provide you a loan estimate. This should accurately contain all the costs of your loan. Your lender is required to deliver the loan estimate when your application has been completed. Your loan estimate should contain the following items: Name of Borrower, Social Security Number, Property Address, Estimated Value of Property, Loan Amount, Your Income.
Do the lenders you work with offer Loan Rate Locks?
Interest rates will fluctuate and change almost every day. If you think that interest rates are moving up, you might want to consider locking in your loan. Lenders will typically charge zero to one point to lock a loan rate and points. Ask your Mortgage Specialist if the lenders they work with charge a fee to lock in your interest rate? Does the lock-in protect all the various loan costs? For how long will they lock in the rate they offered you? Does the lender offer the loan lock-in writing?
If you don’t use a Loan Rate Lock, the alternative is for you to pay the prevailing rate and points on the day your loan funds.
Is there any Prepayment Penalty?
Depending on where you live, prepayment penalties may or may not be allowed. Just ask your mortgage specialist. Prepayment penalties allow the lender to collect an additional six months of “unearned interest” if you were to pay the loan off early through a refinance or sale of the property.
Be sure to ask your mortgage specialist how much you will be charged for the prepayment penalty or are there any terms of the prepayment. Some prepayment penalties may only be in effect in the first two to five years of the loan. If you refinance through the same lender, will the prepayment penalty still apply?
Are the lenders you work with equipped to approve loans in-house?
Underwriting is used by loan originators to qualify a borrower for a loan. Underwriters review loans and issue conditions before approving or rejecting a loan.
Ask your mortgage specialist if the lenders they work with can handle its underwriting for an FHA loan (Federal Housing Administration), a VA loan (Veterans Affairs) or any other loan. Ask your mortgage specialists if the lenders they work with meet government requirements to automatically approve or disapprove a loan without sending it to the VA or FHA.
How Much Time will be required to Fund the loan?
Lending companies average loan processing time periods can vary but normally fall between 21 and 45 days. To properly write a purchase contract, you will need to include a closing date, and that date should be coordinated with your lender.
Ask your mortgage specialist what the anticipated turnaround time will be. Could there be any obstacles that could hold up closing? How much time after final application approval will the loan money be wired or released from the mortgage lender to title or escrow prior to closing your real estate transaction?
Does the Lender Guarantee On-Time Closings?
One of the big concerns is closing your transaction on time. Your purchase contract will contain a date to close escrow, but that date is sometimes subject to the lender’s ability to close on time. If for whatever reason the lender cannot close on time, that could mean extra costs or problems for you, the buyer.
If you do not close on time, you could be looking at an increase of interest rate if you locked in your interest rate, additional expenses to pay movers to reschedule, loss of buying your dream home for whatever reason may occur.
More about our choice of Scott Smith and Innovative Mortgage Services
Scott Smith has been in the corporate world and holds an MBA in Business Finance. With over twenty years of financial experience as an investment advisor specializing in asset management and strategic portfolio allocation systems, Scott can help you figure out ideal mortgage options that best meet your needs.
Scott is a Mortgage loan originator, and very knowledgeable with the various loan options. He can also assist clients needing help with their credit score. Scott owns a Credit Restoration Company to help people boost and restore their credit. Scott is an outside-the-box thinker, so if you have a credit score in the 500’s, bankruptcy, foreclosure or other challenges, he can help you. Down payment assistance programs are readily available throughout Florida, and Scott can help you determine your eligibility.
Whether you are looking to purchase or refinance your home, you will have the confidence that Scott will provide you with the professional service and solutions that will be in your best interest.