Frequently Asked Florida Mortgage Questions

Six Questions to Ask Your Florida Mortgage Broker

1. Can you provide a list of references of your satisfied clients?

This one should top every list of questions to ask your Florida Mortgage Broker. Capital Lending Corp. has been in business since 2004. We would be happy to provide you with references from past clients. Their testimony is the best advertising for our Florida mortgage services that we could ever ask for.

2. Do you charge an application fee for applying for a Home Buyer home loan or homeowner Refinance Loan ?

Although some Florida mortgage brokers charge up front fees for applying for a loan or refinance, Capital Lending Corp. does not. Some less than completely scrupulous brokers will collect a fee before they know whether a mortgage applicant can get a loan.

We'll be happy to do the legwork and give you a good idea of the financing that's possible without collecting an upfront fee. This one certainly should be on your list of questions to ask your Florida mortgage broker.

3. How soon after I lock my rate will you be able to tell me who my lender is?

Definitely makes our list of questions to ask your Florida mortgage broker (that he or she may not want to answer)

At Capital Lending Corp., once our Loan Officer receives confirmation of your rate lock, we will be happy to share complete information on your Lender.

Any Florida mortgage broker who claims that they can't tell you who your lender is after you have asked to be locked probably has not locked your rate. He or she is gambling with your interest rate and hoping to make a little extra on your loan if interest rates move downward.

In the industry, we call these loan officers "Rate Hedgers". How it works: First, they'll suck you in with the promise of a great rate that doesn't exist, and then hope the market delivers it. If it doesn't, you'll find yourself at closing with some very large extra costs in points to be paid, or an interest rate much higher than you expected.

We view this conduct as highly unethical. When you call, we'll provide accurate rate information. When you ask to be locked, we will lock in your interest rate for your Florida Home Loan or refinance. And we will be happy to disclose full details on your lender.

Be very wary of any mortgage broker who is evasive when it comes to #3 on your list of questions to ask your Florida mortgage broker.

4. Do your loan proposals include the capacity to 'float down' after rate lock?

We do offer programs that include the capacity to float down if rates decline after you have locked. Please ask your Capital Lending Corp. home loan professional for compete details on the float down provisions. Although interest rates have been stable recently, this should still make your list of questions to ask your Florida mortgage broker.

5. What did you do to make sure that your GFEs are accurate?

Some mortgage brokers play games when the put together their good faith estimates. At Capital Lending Corp., we feel strongly that making an accurate good faith estimate is part of our duty as your mortgage broker. We won't understate insurance costs or taxes to make our GFE appear lower. If you choose to gather multiple GFEs, you should carefully scrutinize the numbers a broker supplies in each section of your GFE.

Our insurance quotes are based upon a conversation with a trusted Florida insurance agent. Our estimate of the taxes for the property are based upon information obtained from the Tax Assessor's website. Our goal is to create a customer for life and a steady stream of referrals by providing great service and an ethically sound mortgage transaction.

Although we compete with Florida mortgage loan officers who resort to these tactics, we regard them as morally wrong and very poor business practices.

It certainly doesn't serve a client to give him or her a GFE on a Florida Mortgage that is below what the loan will actually cost. We make a practice of reviewing the closing documents in detail with every client before the closing. We order a preliminary HUD from the title company to verify fees. We strive for a closing without the sort of nasty surprises that a deliberately understated GFE makes inevitable.

Finally, during your loan process be wary of any mortgage loan officer that tells you "You don't need to worry about making your current mortgage payments". They look to do this with debt consolidation and cash out refinances. The scheme involves your closing getting mysteriously delayed. Next thing you know, you're 30 days late on your mortgage and if you want that cash out or debt consolidation loan, you had better sign and take what you got delivered. Naturally, it will contain huge profit for the loan officer who knows that now your mortgage payment is 30 days late, you can't get financed anywhere else and get the rate they're offering you.

6. Why should I choose you as my mortgage broker?

The mortgage services that we provide are second to none. Whether you are a Florida First Home Time Buyer in Pasco County or a seasoned real estate Investor in Lakeland, we will give your home loan priority attention. We are very selective in the lenders that we work with and we choose them based upon their ability to render outstanding service to you.

We are meticulous in documenting our Florida home loan applications and proactive in moving them to closing. You can expect prompt responses to inquiries and frequent updates on our progress on getting your Florida loan funded and closed. We will make sure that your Florida home loan closes as planned.

Most Florida mortgage brokers don't attend closings. We attend every single one that is within driving distance of our Tampa, Florida offices. We consider it part of the service that you contract for when you hire us as your Florida mortgage brokers.