Ft. Lauderdale Mortgages are about to get more expensive for Consumers

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FHA commissioner David Stevens ANNOUNCES CREDIT POLICY CHANGES.

FHA will Require Appraiser Independence In Loan Origination as of Feburary 15,2010.

Ft. Lauderdale Mortgage Originators will not be able to order the appraisal on your home loans any more. FHA provides new guidelines on ordering appraisals for FHA-insured mortgages and reaffirms existing policy on FHA requirements regarding appraiser independence and geographic competence. Mortgage brokers and commission based lender staff are prohibited from ordering appraisals. FHA does not require the use of Appraisal Management Companies or other third party providers, but does require that lenders take responsibility to assure appraiser independence. While FHA’s existing policies regarding appraiser independence are consistent with the Home Valuation Code of Conduct (HVCC), FHA will adopt language from the Code to ensure full alignment of FHA and GSE standards.

Bottom Line is if you are trying to Finance or Refinance your Ft. Lauderdale Mortgage, make sure that you order your appraisal by or before the 15th or else you risk paying alot more. Feel free to comment or email me with any questions or concerns.

Lets face it, no matter what we are shopping for these days, we are confronted by a lot of choices, whether it’s laundry detergent, plasma TVs or cars. If you are like me, when you start shopping for a big ticket item, you do some research before hand. Unfortunately, that doesn’t always make the choice easy. There is a lot of accurate and inaccurate information floating around on the Internet about Ft. Lauderdale Mortgages.

Information is power. Lenders have more information than borrowers, and this gives them a tactical advantage. For example in Ft. Lauderdale mortgage rates fluctuate on a daily basis sometimes as many as 10 times in the day. Will you as the borrower know when the rate changes? Not unless you know how to read candlestick charts and can track live mortgage bond trading all through out the day. Mortgage Bonds are sold on the bond market all day. Because the lenders can monitor the fluctuation in mortgage bond rates they can change the interest rate they charge you to match the market.

For example, you walk into a bank at 9am and make application for a new loan and get quoted a 6% rate. Then another customer walks into the bank and makes application at 10:30am and this person gets quoted a 5.5% rate. Both people are getting the same mortgage, have exactly the same credit scores, and have the same exact ability to pay back the loan. Think it cant happen? It happens more often than you want to know. Everyone that I ever speak with wants the best rate, what they fail to realize is that you can never get the best rate because it is a moving target.

Ft. Lauderdale mortgage lenders and banks know this, so you get quoted a price at the time you apply and if the rates get better your are not made aware. And if rates get worst, you will not get the rate that you were quoted and if they offer it to you, you will have to pay to get the rate. Bottom line guys, you have two options lock the rate at the time of application if you are happy with what you are being quoted and if you are really trying to get the best deal you need to work with a mortgage professional that tracks mortgage bond rates and gives you the heads up when rates are getting better or worse.

Thats all folks….

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Hi guys and gals,

I have been very busy over the last two months and because of the increase in activity I have not written in a while. I promise to keep bringing you good information. I am also adding new tools, features, and listings to the site. I will be adding a mortgage loan calculator as well.

I can not take the credit on this one. This idea actually came to me from my wife. Brilliant, stared me right in the face and I never thought twice about it. Sometimes when you use a tool so often it can be easily over looked.

Anyways with out further adu, here it is. The Ft. Lauderdale Mortgage Loan Calculator.

It is very simple to use. First you put in the amount that you would like to mortgage so if you are buying a home $103, 627.  Then your loan amount would be $100,000 if you choose a FHA mortgage because you can only finance 96.5% of your purchase price.

Second you are going to choose a Ft. Lauderdale Mortgage interest rate. You can use anything between 5% and 6%. This will give you a good idea of how much your new monthly payment will be.

Lastly, you need to put in the amortization period. This is the amount of time it will take you to pay back the entire loan. So if you would like to pay it back sooner, then you would choose a 15 year mortgage. Keep in mind that the longer it takes to pay back a mortgage loan, the higher the interest rate and the lower the payment. Your options are 15, 20 and 30 years. If you have any questions on how to use the Ft Lauderdale Mortgage Loan Calculator, please let us know by writting an email to info@fortlauderdaleloanfha.com. Have fun!

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