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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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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By Robbie T. James

Applying and qualifying for a home loan is something that you want to try to time as well as you can. Most mortgages are 30-year, fixed-interest loans. This means that the day you apply for the loan and receive an offer for a particular rate is a very important one; this rate will affect your pocketbook for a long time to come.

When looking to refinance a home mortgage or to move into a new home, it is understandable that you would want to make sure you are getting it right in terms of timing. It would be an unfortunate situation if either:

a. you waited an extra month, only to find that rates had started to climb back up, or, at the other extreme,

b. you signed the papers for a new mortgage loan today, only to learn that a month or two later the rates dropped even more

Every smart homeowner (or homeowner-to-be) understands that getting the lowest rate is desirable. But, timing the mortgage interest rate market accurately is no easy task.

If you are interested in a mortgage rates forecast, here 5 tips to help you get the best rate:

1. Fixed mortgage rates reflect ongoing changes in Treasury note yields:

It is helpful to learn how mortgage rates are determined. In the case of fixed interest rate mortgages, the daily change upward or downward in available interest rates is directly influenced by the yield on something called a Treasury note (or T-note). Reason: T-notes and mortgages are two of the safest-possible investments a person can make, with T-notes being slightly less risky.

2. Adjustable-rate mortgage rates reflect changes in the fed funds rate:

Similarly, adjustable rate-mortgage rates are directly influenced by the fed funds rate, which is the interest rates that banks use to give each other short-term loans.

3. Nobody can predict mortgage rates:

Clearly, both of these factors (T-notes and fed funds rate) are outside of the control of any single market player or investor, making it impossible to predict or influence future trends in interest rates.

4. A good indicator for where rates are going is to look at historical trends:

However, you do have the ability to remain informed about the significance of today’s interest rates by looking at how they trend over time. Have a look 1-month, 3-month and 1-year rate trends and see how today’s rate compares. You can at least get a sense of where the rates are today, which can help you make an informed decision about when to apply.

5. Remember an additional layer of influence you have:

All of the discussion thus far has addressed average interest rates. However, the rate for which you qualify is also a function of the individual lender with whom you apply, as well as your credit score. Be sure to apply to at least 5 lenders before deciding upon one, in order to get yourself the best rate.

As you look for a mortgage rates forecast, consider these 5 tips for qualifying for the best-possible rate.

Article Source://EzineArticles.com/?expert=Robbie_T._James

Contact Southpoint Financial today!


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