FLORIDA KNOWLEDGE CENTER

When you apply for a loan there a number of disclosures you are required to receive from the broker/lender within certain time frames. These are covered by the Real Estate Settlement Procedures Act (RESPA) and if not delivered in a timely fashion can result in serious fines to the broker/lender.

There are four time during the loan process you are required to get disclosures. At the time of application, before settlement/closing occurs, at settlement, & after settlement.

At the time of application a borrower must receive from the broker/lender the following three things. A Special Information booklet containg various real estate settlement services for the borrower (only required for a purchase), a Good Faith Estimate of settlement costs listing all the various costs that will be associated with the loan (a good broker will be able to get this estimate within a few hundred dollars of the actual amount), and finally a Mortgage Servicing Disclosure Statement which discloses whether the lender is going to transfer the loan to another lender or service the loan themselves.

If the broker/lender takes the application over the phone then they have 3 days in which to mail the customer the associated disclosures.

If the loan is turned down then the broker/lender is not required to provide these documents.

There are two disclosures needed before settlement or closing occurs. The first is whether an ABA (affiliated business arrangement) is in place between any of the settlement and either broker or real estate agent. This must be dislosed at or before the time of referral. The other disclosure is the HUD-1 or Settlement Statement. This must be given one day before settlement is to occur. The HUD-1 must show all charges relating to the settlement imposed on both borrowers and sellers. It must be disclosed by the settlement agent based upon all charges the agent is aware of up until that time.

The two disclosures that must be presented at time of closing are the completed HUD-1 and the Initial Escrow Statement. The inital escrow statement must show estimated taxes, insurance premiums and other charges that are to be collected and paid from the escrow account for the 1st year of the loan. Although the escrow settlement statement is normally deliver at time of settlement, it can be delivered within forty-five days of closing.

After settlement occurs then the borrower is required to receive two disclosures. One is the annual escrow statement which shows how much is in the escrow account and how much has been disbursed from the account to the appropriate agencies. The other is the Servicing Transfer Statement given out any time the loan is transfered from one lender to the other. Both the selling and buying lenders are to disclose the sale of the loan. The borrower has 60 days to comply with the transfer and cannot be penalized any time in those 60 days for sending the payment to the incorrect company.

Florida Mortgage Rates

Getting the right Florida Mortgage Program and Rate is probably the most important part of choosing your Florida Mortgage Loan. Having the best Florida Mortgage Rates will save you thousands of dollars through out the course of the mortgage Loan.

At American Mortgage Rates, we strive on finding the best Florida Mortgage Program and Rate possible for you, the client! Our Licensed Florida mortgage brokers constantly educate them selves on the latest and best Florida mortgage programs to better serve you. There are many different loan programs to choose from which all have different Florida Mortgage Program and Rate, so by staying educated in this area allows us to find you the best Florida Mortgage Program and Rate possible.

Fortunately, due to our production in the mortgage industry we have been able to meet certain standards with our lenders and banks. These standards allow us to pass additional savings to you the client because of our preferred pricing on our Florida Mortgage Program and Rate. Your Florida mortgage broker should go over all the possible Florida Mortgage Program and Rate when choosing your Florida Mortgage.

When inquiring about a Florida Mortgage to your Florida Mortgage broker, be sure to ask about what kind of pre-payment penalty that is associated with that particular Florida Mortgage Program and Rate, some Florida Mortgage Program and Rate have no pre-payment penalty where some have very high penalties. This is something your Florida Mortgage broker should go over with you when choosing the best Florida Mortgage Program and Rate for you.

Feel free to call or inquire over the web about today's Florida Mortgage Program and Rate, we will be happy to quote today's best Florida Mortgage Program and Rate that we have available to us.

Since we work with many Lenders we get the best Florida Mortgage Program and Rate available where when dealing with one particular bank they are limited to there own loan products where they might not have the best available Florida Mortgage Program and Rate that day, when banks compete with each you the savvy mortgage shopper could take advantage of this by working with a real good Florida Mortgage Broker who is up on the Florida Mortgage Program and Rate.

A fixed rate mortgage is a mortgage that has a fixed interest rate for the term of the fixed rate mortgage term. This means your principal and interest payment will not change for the entire term of the loan until it is paid off. A 30 year fixed rate mortgage means that you mortgage is fixed for 30 years. A 15 year fixed means the same that your payment will not change for 15 years and then your mortgage will be paid off.

An Adjustable rate mortgage is a mortgage that has an adjustable interest rate for the term of the mortgage. This means your principal and interest payment will change for the entire term of the loan until it is paid off. Adjustable mortgages can adjust monthly, yearly, or sometimes mat be fixed for 2, 3, 5, 7 and 10 years and then start to adjust more often.

For more information about our many loan programs and Florida Mortgage Program and Rate please call us at 954-475-8787 or fill out our short mortgage form.

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