Low Florida mortgage rates are offered to the public through the EZZ Financial providers. Florida mortgage borrowers are truly surprised when they find out just how low our Florida mortgage rates are. We deliver low discounted wholesale mortgage rates to our clients each month, and you also have the opportunity to take advantage of the rates we offer by contacting us today. How do we do it? EZZ delivers millions of funded loans every month to our wholesale lenders and in return we are able to offer the lowest mortgage rates to our borrowers on Florida properties. Shop around, and you will find that other lenders, bankers, and mortgage brokers try to beat our rates but are unable to offer the same great discounts due to the sheer volume we deal in. Florida mortgage borrowers come to us from many walks of life and the majority of all our borrowers qualify, find out how much you can save with our low Florida mortgage rates today.
Florida mortgage refinancing comes with many options for homeowners to consider. EZZ Financial is here to help in deciding if mortgage refinancing is the best choice for you and provide a clear understanding of what options are available in your Florida mortgage refinance. From refinancing to lower interest payments, to changing the terms in the original mortgage or simply using the equity in your home for debt consolidation, there are many reasons a homeowner decides to refinance their Florida mortgage. Every situation is unique and EZZ Financial is here to help you make the right choices. When refinancing your home loan there are important key factors to consider such as the amount of equity in the home, credit score and the benefits of a new mortgage vs. existing terms. Sometimes what may sound good does not come out as you would expect on paper. Contact us today and let EZZ help answer your Florida mortgage refinancing questions.
Over the past few years, we’ve all heard what a mess the mortgage industry has been: this is why we at EZZ want to make your experience anything but. As leading Florida mortgage brokers, we offer the lowest, most discounted Florida mortgage rates around. Because we deliver millions of funded loans to our lenders, we are able to be among the cheapest mortgage brokers in Florida. Other brokers may try, but they are unable to match, or beat, our prices! You might say, when it comes to being a mortgage broker in Florida, we are the most affordable east of the Pacific. Contact the Florida Mortgage brokers with the unique ability to source a wide range of mortgage deals on your behalf. Start today and let us assist you in finding an affordable mortgage tailored to your unique needs and circumstances.
Refinancing The Florida Jumbo Mortgage
With current interest rates in Florida centering below and around five percent, many home buyers are considering the purchase of a new home, or refinancing their current home. Larger home loan amounts are known as a Florida Jumbo Mortgage, and EZZ Florida mortgage brokers are prepared to help you get the loan you need to move into or keep the home of your dreams.
Home loan amounts over $417,000 would be considered a Florida Jumbo Mortgage. Although interest rates were higher in the past, preventing people from jumping into a large home loan, with the fact that interest rates have finally come down to a respectable rate level makes it much easier for them to embark on a Florida Jumbo Mortgage loan or a Jumbo refinance.
Current interest rates for a Florida Jumbo Mortgage are in the five percent range. Prior to this time, interest rates for jumbo loans skyrocketed beyond the value in mortgage financing, but with the drop in interest rates, credit is now finally easing up, and thus now is a great time to purchase a new home with a Florida Jumbo Mortgage or refinance Jumbo loans that you have.
Refinancing jumbo loans will save you a great deal of money over the life of the loan. By dropping even fractions of a percentage point in terms of the interest rate charge for the Jumbo Mortgage, you will save not only on each monthly payment but also overall on the amount of interest charged for the Jumbo refinance.
EZZ mortgage brokers offer all types of jumbo refinance loans and home loans for your consideration. With a refinance, you can also consolidate your debt or take out equity cash for projects around the home or other purposes. Our mortgage brokers can explain all aspects of the Jumbo loan, and help you determine which loan is right for you. We take our job seriously, which is to bring you the lowest interest rates and closing costs possible, and we do so with honesty and competence. Contact one of our EZZ mortgage brokers today to learn more about the Florida Jumbo Mortgage and how it can work for you.
The ARMs are back!
We can’t believe it either, but it seems many more are interested in the 5/1 and 7/1 conforming ARM products. Even With rates on the 30 year and 15 year well below 4.75% fixed it seems the attractive rates for the 5/1 arm at a near record 0 point option of 3.375% is attracting even the long-term home owner.
In recent months, and for months to come, many borrowers who took out a 3/1 arm or 5/1 arm in 2005-2007 are now coming due and the borrowers are forced to either take the increased rate or lock in another arm before they go up. With the market volatility it may make sence to lock in the rates for 3 or 5 years thus pushing out the decision to either sell the home when the arm matures or refinance.
Call one of our loan agents today to get a Florida Mortgage Rate quote on either one of these popular products. The payments will knock your socks off!
Example rates as of 03/11/2010:
5/1 ARM – $200,000 loan amount, 80% LTV, Excellent Credit, SFR, Primary Residence:
3.375% Rate (3.012% APR) 0 Points $1,213 in Fees
7/1 ARM – $200,000 loan amount, 80% LTV, Excellent Credit, SFR, Primary Residence:
3.625% Rate (3.111% APR) 0 Points $1,213 in Fees
5/1 Florida Mortgage ARM
In simplest terms a 5/1 ARM (Adjustable Rate Mortgage) is a mortgage loan which will have a fixed rate of interest for the first five years, then the rate of interest will change every year thereafter for the remaining life of the loan. Also note, most ARM loans can be interest only or amortizing.
The trick in understanding the 5/1 ARM however is not the rate of interest for the first five years, this will be clearly disclosed to the borrower at the front end. The important thing to know about this type loan is what happens to your interest rate after the first five years. In other words, how will future rate change calculations be made, what are the limits, if any and how much can my payments increase in the future?
Key terms and calculations for these types of loans can vary widely. Let’s begin by understanding the basic concepts embedded within all ARM’s:
The four key concepts along with an understanding of key terms for ARM’s are described below:
First key concept: (Future Adjustment Calculations): All ARM loans will have a predetermined financial Index and a predetermined Margin.
What is an Index: For our purposes it is a “Reference Point” against which measurements are taken for making future adjustments. Examples of Indices: Wall Street Journal prime, Federal discount rate, Fed funds rate, 10 year treasury rate or a host of many others. Lenders are required to identify an index to be used in your interest rate calculations which you the borrower can readily have access to. The most widely used index used in the 5/1 ARM is the one-year treasury security index. The reason this is the most popular index is because it assists the lender in predicting their future annualized cost of funds (A this topic for another article). The important things to know about the index is how to find the current value and it is constantly changing.
What is a margin: To keep it most simple for our short discussion, the margin is an arbitrary numerical value which is added to your index in order to calculate your future interest rate changes. Your margin is set at the beginning of the loan and then remains the same for the life of the loan.
For example purposes: Say your lender had chosen a margin of 2.75% for the life of your loan. To calculate your interest rate for the next period we would simply add the margin to the current index. Say your current index was 2.87%, adding the two together would be your new rate of interest until the next change period ( 5.62%). Many times for simplicity the lender will round to the nearest .125%.
The second key concept to understand about ARM loans is the frequency of your interest rate changes after the initial fixed rate period. In the case of the 5/1 ARM we have already discussed that your rate of interest will change every year after the initial fixed rate period. This of course would be different if your local lender wanted to offer you a 5 Year ARM, which would imply that the interest rate only changed every five years.
The third key concept is whether or not your loan has periodic interest rate caps. In other words, how much can your interest increase at any given change date? Also embedded in this concept is “Life of Loan Cap”. In other words, is there a life time maximum interest rate? This information is also required to be disclosed to you. Common among 5/1 ARM terms, maximum interest rate increases are 2% annual and 5% maximum increase over the life of your loan.
So with all this unknown jargon and complexity why would someone want a 5/1 ARM over a 30 year fixed rate mortgage? Usually the 5/1 will always offer a lower mortgage rates compared to the 30 year fixed mortgage rate. If you are planning on selling within 5 years start counting your savings.
With rates hitting a new all time record for the lowest mortgage rates in history we will be open today Friday November 27, 2009 to honor all mortgage application and rates. Please call us toll free at 888-399-6847
It’s Black Friday and do we have a deal for you! Mortgage rates at an all time record breaking low. Call today.
4.500% (4.592% APR) with zero points for 30 years
4.125% (4.197& APR) with zero points for a 15 year mortgage
Call for other pricing incentives.
Here’s yet another change to the mortgage industry. Starting on January 01, 2010 there is going to be a new GFE (Good Faith Estimate) for borrowers to understand. We are going to try and review the changes with you so you get a better understanding of why the new GFE is here and explain what everything means.
Click here to see a sample (does not reflect your actual loan scenario)
The new GFE and the relationship between the HUD-1 and the Good Faith Estimate
To further protect consumers, the RESPA reform establishes tolerance levels for changes to costs laid out in the GFE so that no consumer will have to pay a wildly different amount for their actual closing costs than those previously detailed in the Good Faith Estimate. Three separate categories of the tolerance levels were created.
Category I: Charges that cannot change from the GFE to the HUD-1;
- Borrower’s origination charge
- Credit or Charge for interest rate selected
- Transfer Taxes
Category II: Charges that can increase in aggregate no ore than 10%;
- Title Services
- Lender’s title insurance
- Appraisals
- Credit Reports
- Tax Service
- Flood Certification
- Mortgage Insurance Premium
- Recording Charges
Category III: Charges that can increase with no cap;
- Initial Deposits for escrow reserves
- Daily Interest Charges
- Homeowners Insurance
- Lender Required services where the borrower shops for and selects their own third party provider
- Services the borrower chooses to have that are not required by the lender
The GFE may be revised and reissued (in which event there could be increases in the charges) prior to settlement due to certain “changed circumstances”. The HUD defines these circumstances as acts of God, war, disaster or other emergency; information about the borrower or transaction that changes or is found to be inaccurate after the issuance of the GFE (e.g., credit quality, loan amount, property value or other information); newly found information that was not previously relied upon as well as other possible circumstances.
USDA Home Loan for Florida Properties
The USDA home loan or (aka – 502 Direct Loans) for Florida residential buyers are designed to help the low-income or “very low income” home buyers. All applicants can finance 100% of the purchase price of their new home and the mortgage payments are adjusted according to the household’s income.
The purpose of the USDA Florida home loan is to help low-income borrowers purchase homes in rural areas. The mortgage can be used to build, repair, renovate or relocate a home, or to purchase and prepare site, including providing water and sewage facilities.
How can you qualify? Borrowers/applicants for direct loans must have very low or low incomes. This is defined as below 50% of the are median income; low income is between 50% and 80% of AMI-moderate income is 80-100% of AMI. Families must be without adequate housing, but able to afford the mortgage payments, including taxes and insurance, which typically are within 22% to 26% to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit.
USDA mortgage loan terms are for up to 33 years (360 months) and 38 years (456 months) for those with incomes below 60% of AMI and who cannot afford the 33 year-term. The mortgage rate is based on the Government’s cost of money. However, the interest rate is modified by payment assistance subsidy.
What are the requirements of the home? The housing must be modest is size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable are loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installe3d and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.
- No mortgage insurance
- No Cash Reserve Requirements
- 102% of Appraised Value to cover closing costs
- No Cap on mortgage amount other than the Appraisal (plus 2% USDA-RD Fee)
- 6% Seller Concessions allowed to cover closing costs
- Gifts allowed and DO NOT NEED to come from a relative
- Try USDA before FHA because it requires not down payment
- minimum 620 credit score on all borrowers for NO MONEY DOWN
- No Declining Markets (open to all counties)
The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.
Prospects: We still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.
While the industry trade associations are making a major push for the expansion of the tax credit to all homeowners, it appears unlikely that it will be expanded beyond first-time homebuyers). We will keep you apprised.
Extension of Temporary Mortgage Limits
We also could hear this week or next about whether the temporary mortgage limits will be extended for another year. We are still optimistic that the temporary limits will be extended. The Administration fully understands that the jumbo mortgage market is not functioning properly and that the GSEs and FHA will play a critical role for the
There will be an important vote in the Senate this week on the housing tax credit provision. The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.
Prospects: We still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.
While the industry trade associations are making a major push for the expansion of the tax credit to all homeowners, it appears unlikely that it will be expanded beyond first-time homebuyers). We will keep you apprised.
Extension of Temporary Mortgage Limits
We also could hear this week or next about whether the temporary mortgage limits will be extended for another year. We are still optimistic that the temporary limits will be extended. The Administration fully understands that the jumbo mortgage market is not functioning properly and that the GSEs and FHA will play a critical role for the
