There are a lot of mortgage companies out there.  While using a mortgage company to help you find the best rate makes sense, it’s important to select the right company.  Here are a few tips for selecting a good mortgage company for your needs:

  1. Be careful of special promotions that have hidden fees. Many of the deals you may see on television or in the papers may try to win your business with an extremely low rate, but once you factor in all the hidden costs, you’re not saving at all!
  2. Be sure you know each fee up front and what it is for. As touched on in point #1, some companies may tack on additional costs that are not disclosed right away. A good company will make all of this information readily available to you.
  3. Be aware of application and appraisal fees. Some mortgage companies charge huge amounts for these but don’t really offer anything to justify the cost. Track down the best service at the lowest cost.
  4. Service is the most important factor when considering a Pensacola Mortgage Company. Unfortunately there are some companies that are committed more to their bottom line than they are to their customers.  You should choose a mortgage company that will take the time to get to know you and your needs, and formulate a plan that works for you!

We will do whatever it takes to become your Pensacola Mortgage Company. Let us answer your questions and win your trust by calling us at 850-936-0422 today!

Contact Pensacola Mortgage today!


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Should you use a broker?

Obviously, the goal is to find the most competitive interest rate available.  Unfortunately, not everyone knows how to go about this. More than 50% of homebuyers tend to accept the first rate their bank offers!

Not only does that mean most of them are settling for the first rate given, but that the majority of them are not using a broker.

A Pensacola Mortgage Broker is a certified professional who seeks the best mortgage terms for you through their access to a network of lenders including banks, trust companies, credit unions and finance companies. These resources provide the broker with rates on almost a daily basis. They will then sift through to find the best rate available to you.  Most importantly, they will save you the laborious and sometimes undignified task of approaching the various lending institutions yourself.

If we can be of any assistance in finding the best rate for your Pensacola Mortgage please give us a call at 850-936-0422 so we can explore your options today!


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When should you decide to refinance your mortgage?  That depends on a number of factors.  Right now may, or may not be the best time in history to make this decision, but predicting this move perfect would require a bit of psychic ability on your part.  Many experts recommend that if you find a good deal that saves you a significant amount of money, it’s probably worth taking the deal rather than waiting to beat it.

The three major factors are simple:

  • How much will you reduce your interest rate?
  • How much will you pay in closing costs?
  • How long do you plan on keeping the house?

The old rule was that you should refinance if you could get a rate two points lower than your current rate. Now, mortgage experts say to look into it if you can reduce your rate by even half a point. Many people decide that one full point is reason enough to look into your Pensacola mortgage refinance options.  The longer you plan to keep the house, the smaller the reduction that will benefit you because you’ll have enough time to regain your closing costs.

If you are considering refinancing, we’d be happy to provide any assistance or advice you might need.  Just give us a call at 850-936-0422 today so we can explore your options.

Contact Pensacola Mortgage today!


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Pensacola Mortgage Firm reports how credit scores can impact your mortgage or refinance rates, and what you can do to fix it.

FOR IMMEDIATE RELEASE

PENSACOLA, FL – The refinance boom has lasted 7 months thus far, and rates have been falling since early April of this year. Recent news from sources like myFICO.com and NBC’s The Today Show point out how your credit score may impact your refinance rates and what you can do about it. The FICO scoring system is used by credit companies to determine a potential client’s creditworthiness. Whether you’re looking for a Pensacola Refinance or are planning on buying a home and need a Pensacola mortgage, you need to know if you will qualify for the low rates available today.

To put the low rates within reach, Pensacola mortgage lenders look for strong credit, good income and equity.  The three work in conjunction to judge which refinance rate you qualify for.  Although you may not have immediate control over salary and equity, you can do something about your credit score.
On NBC’s The Today Show segment titled “Is your credit score hurting refinancing?” we are given a few points on credit score basics:

•   There is no “quick fix” for credit. Time plus good credit equals better FICOs.
•   Don’t close old credit cards.
•   Pay every bill before it is due. A single late payment can damage your credit score.

The segment also advises to stop worrying about whether rates have bottomed out. Refinance your Pensacola mortgage today if it makes good financial sense. If rates fall in the future, you are still able to refinance again in the future.
MyFICO.com has recently published some common financial issues and how certain actions can impact your score.

Maxing Out a Credit Card:
•   Initial Score of 780: 25-45 point drop
•   Initial Score of 680: 10-30 point drop

A 30-day Delinquency:
•   Initial Score of 780: 90-110 point drop
•   Initial Score of 680: 60-80 point drop

Foreclosure:
•   Initial Score of 780: 140-160 point drop
•   Initial Score of 680: 85-105 point drop

Since credit scores are meant to predict a loan default, the higher your score, the more a financial problem can drop your FICO. Financial advisors point out that you should be using 10-30% of your available credit, and if you’re considering a mortgage or refinance you should avoid opening new credit accounts.

Since improving your credit score is something that you can begin today, you should make the decision to talk to your Pensacola Mortgage broker not only to start the process, but to seek out advice on how to obtain the target credit score you need in order to secure the best rates available in today’s market.

Each client’s Pensacola Mortgage situation is unique and we will work together to develop plan that is best for you. Understanding how credit scores work is the first step. Visit //pensacolamortgageloanrefinance.com to find out more today!

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