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Home > Financial Services > Mortgage Brokers > Mortgage Options Of Florida
Mortgage Options Of Florida
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
Mortgage Options of Florida mission is to serve their customers with honesty, integrity and competence. Their goal is to provide home loans to their clients while providing them with the lowest interest rates and closing costs as possible. Furthermore, they pledge to help borrowers overcome roadblocks that can arise while securing a loan.
Mortgage Options of Florida provide Jumbo & Super Jumbo Loans, Lot Loans, Construction Perm, Purchases, Refinances & Cash Out, Interest Only Loans, Condos, and Investment Property.
Refinancing may be a viable option even if the interest rate difference is less than 2 percent. A modest reduction in the loan rate can still trim your monthly payment About PMI, make a down payment of less than 20 percent of the purchase price of the home, mortgage lenders generally require that you take out Private Mortgage Insurance that protects the lender incase you default on your mortgage. You may need to pay up to a year’s worth of premium for this coverage at closing, which can amount to as much as several hundred dollars. One obvious way to avoid this extra cost is to make a 20 percent down payment.
There are also other ways to eliminate PMI such as 80-10-10 financing which is further described in this section. The Federal Housing Administration was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages.
Loan Programs are Fixed Rate Mortgages, Adjustable Rate Mortgages, Interest Only Mortgages, Reverse Mortgages, Commonly Used Indexes for ARMs, Balloon Mortgages, Components of an ARM, and Graduated Payment Mortgages.
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