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Frequently Asked Questions

We receive a lot of questions about how to obtain a loan, and about the loan process itself. While, most questions asked can be answered by speaking with one our specialists directly, some of the questions asked about the loan process can be easily addressed here in our Frequently Asked Questions page.

 
 
 

 

Q .How long until I hear from a loan officer after I apply?

A . We believe in real time contact. That's why we make it convenient for you by asking you on our free quote form what time frame you would like to be contacted. If you do not select a specific time for us to contact you, than typically you are contacted within 12 business hours.

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Q .What are today’s rates?

A . Since mortgage rates depend on so many different factors like credit scores and monthly financials, and because they can literally change each and every hour, we feel it is very irresponsible to post daily rates. Many websites do post these "low daily" rates and unfortunately their borrowers eventually come to find out that these so called "low" rates come with a lot of red tape. You could end up paying huge closing costs, sometimes in excess of ten thousand dollars. Other times these "rates" are only for borrowers with 750 FICO scores and above, and still other times it is for a five year loan with a "balance due" balloon payment due at the end of the five years. It can really be a dishonest practice. That's why when you work with us you will always get an honest, free, no obligation quote that fits you and your needs, along with our "customer first" attitude and excellent customer service. You will know you are getting the best quote and rate available from a Florida Lender.

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Q .I just refinanced 6 months ago, but rates have dropped, is it worth it for me to refinance again?

A . A good rule of thumb is if you will save more money in five years than the closing costs of the new loan it is a good time to refinance. However, your loan officer will be able to help you “crunch” the numbers to determine if refinancing is the best option . Check our mortgage rates.

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Q .How much home can I afford?

A . How much home you can afford is really going to be determined by several different factors including your current bills, how much income you are currently bringing in, and how much you have for a down payment. We have a great mortgage calculator that will give you a rough estimate of what you can afford. However, this is a rough estimate and we always recommend that you receive a more accurate figure by speaking with one of our qualified loan officers who can do a complete analysis of your situation. That way you know the maximum amount you can afford.

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Q .How can I be sure that my information is secure on your website?

A . We take every precaution available to ensure that your information remains secure. This is another reason why we do not ask for overtly sensitive information like social security numbers on our application page. We also encrypt the information being sent from our forms securely.

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Q .What is the best way to get started looking for a home as a first time buyer?

A . Getting pre-approved by us is very important and should be the first step you take. The reason for this is that it’s important to know how much you can afford to purchase before starting to actually look for a home. The next step after being pre-approved is to get in contact with a real estate agent that can help you find the home of your dreams.

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Q .How much of a down payment do I need?

A . We offer programs with little to no down payment. In fact we offer some programs that actually offer up to 107% financing. This means that you can actually get extra cash to pay for things like closing costs and new furniture and pay nothing out of pocket for your new home.

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Q .My credit history is not the greatest. Can I still get a loan?

A . Absolutely! For years, Florida Home Mortgage Loans has assisted borrowers with good and bad credit receive the mortgage loan that meets their individual needs. Bad credit is not a problem, and bad credit does not mean you automatically receive a high interest rate. Our loan professionals will help you to receive the financing you need. In fact we have helped homeowners refinance with FICO scoares as low as 500!

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Q .Can you help me if I cannot afford a home?

A . If you feel you can't afford a home, think again. The secret to receiving the right loan is to assess your options. The best place to start is with Florida Home Mortgage Loans. There is never an obligation to receive a quote. As well our loan officers can explain to you all of your options. The truth is, owning a home can be just as affordable as renting. Research your options, compare the costs, and the best way to start is right here!

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Q .How do I know if I should, or need, to refinance?

A . First you need to determine your financial mortgage-related goals. Do you want to look into improving your monthly cash flow? Reduce your mortgage term? Do you need to take out cash using the equity from your home? Obtaining the right mortgage for your particular needs is one of the most important things when considering your options. We can help you to identify your individual needs when it comes to refinancing.

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