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Mortgage Information
Today, the Florida mortgage and home equity market is competitive home buyers who need a mortgage and home owners who wish to refinance their mortgages should contact more than one lender to compare offers. We advise you to do so in order to get the lowest interest rates and the best mortgage solution possible. Sophiasells.com has served Florida residents for years. We guide you to the right loan in your area of Florida ( Miami, Miami beach, and more), whether you need a home mortgage, second mortgage, home equity loan or home refinancing.

selling process miami


Mortgage Broker:
A mortgage broker is an independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages. A broker typically passes on the actual funding and servicing of loans to capital sources that act as the loan "wholesaler". Most major banks for example have a wholesale lending department.
Mortgage brokers offer products from many wholesale lenders, they often have the best selection of loan programs and rates. The question is, can anyone really presume to know what the best deal is? There are thousand of lenders and thousands of products available, and it is therefore impossible for any broker or bank to guarantee the lowest possible rate.
 
Appraisal:
An appraisal is an estimate of the value of a property. An estimate of the value of the property generally refers to its fair market value. The purpose and use of appraisals include transfer of ownership, financing and credit, taxation, condemnation, insurance to name just a few. An appraiser is typically a state-licensed individual trained to render expert opinions concerning property values.
Real estate agents approximate the appraisal process by conducting a Comparative Market Analysis (CMA), using the sales comparison approach to value. The accuracy of the agent's appraisal depends on the experience and skill of the agent.
Most lenders will not lend money without an acceptable appraisal. Sophiasells.com can help you find the right expert so you can be sure you are getting an expert appraisal. Call us.
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Credit Rating
Three agencies accumulate data on which to base your credit history. Their names, addresses and phone numbers are shown below. It is normally very difficult to speak to a live person at these agencies; instead you are directed through a voice-mail maze which will give you instructions on how to get a copy of your report, what it may cost, or how to deal with a problem you may have. In any case, it is better to communicate in writing. Use certified mail so you will get a receipt showing that the agency received your letter and when they received it.
  • EQUIFAX:
  • P.O. Box 105873
  • Atlanta GA 30348
  • (800) 685 1111
  • EXPERIAN:
  • P.O. Box 8030
  • Layton UT 84041-8030
  • (800) 520 1221
  • TRANS-UNION:
  • P.O. Box 390
  • Springfield PA 19064
  • (800) 961 8800
 
Types Of Home Equity Loans :
Fundamentally, there are two types of home equity loans:
  • Home Equity Line: When you get a home equity line, you obtain the right to draw money, whenever you want, over a certain period of time. You only pay interest on the amount you borrow. You may borrow, pay off and borrow again against the line of credit. You typically access the line with a check or credit card.
  • Second Mortgage (home equity loan): When you get a second mortgage, you obtain a lump sum of money. The interest rate and monthly payments are fixed.
Loan types:
  • 30 Year Fixed Rate Program
    A 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
  • 15 Year Fixed Rate Program
    A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans
  • 1, 3, 5, 7, 10 Year Adjustable Rate Program
    An Adjustable Rate Mortgage (ARM) is a mortgage loan that is most widely known for its low starting interest rate (when compared to the 30   15 year mortgage loans). This 'low' introductory rate is used to calculate the mortgage payment for a specified period of time. Once this introductory period is over, the interest rate is adjusted periodically based on a pre-selected index. The most commonly used index is the yield on the one-year Treasury Bill. The new interest rate is determined by adding this index to a set margin (which is determined by the lender). Although there are a variety of adjustable rate mortgage programs available, the most common program is the One Year Adjustable Mortgage (one Year ARM), which is available for conventional, jumbo, FHA and VA loans. The interest rate on the one year ARM is adjusted once each Year, for 30 years. APR's on variable rate loans are subject to increase but may decrease from year-to-year, the borrower should be prepared to handle an increase in his/her monthly payment (should the index rate increase).
 
Refinance:
Why Refinance?
Fundamentally, people refinance because they either want to save money or spend money. This article discusses the most common circumstances in which you might save money by refinancing.
Whatever your reason for refinancing, the process begins by comparing the various loan options you have available, including keeping your current loan. Real estate loans usually have income tax effects. Before rushing into a new loan, consider having your figures checked by your tax advisor. Talk to your current lender. They may reduce some of their fees in an effort to keep your business, or because they may have reduced paperwork.
For each loan you are considering, obtain an amortization schedule and Good Faith Estimate (GFE). A complete amortization schedule will identify the principal and interest portion of your monthly payments over the life of the loan. With it, you can accurately determine the interest paid within any time period. The (GFE) will itemize costs associated with obtaining the loan. The immediate costs of the transaction will be shown on the GFE, while the interest expense over time will appear on the amortization schedule. The information in these documents is required to make an informed decision regarding the best loan for you.
 
Insurance:
Private Mortgage Insurance:
Private Mortgage Insurance (PMI) protects lenders against loss due to foreclosure. Most lenders require PMI when the down payment is less than 20 percent. The PMI premiums are paid by the borrower and the policies are provided by private mortgage insurance companies. PMI is NOT mortgage life insurance. PMI protects the lender against loss.

Will I need to get flood insurance coverage to close the new mortgage?
The lender should not ask you to obtain a flood policy unless your property is located in a flood hazard zone.