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1st Continental Mortgage Specializes in Florida Home loan Financing
Today Florida buyers have many options when it comes to purchasing and Financing a home loan. In addition to the negotiating power buyers also have a number of options available when it comes to financing their home.
These days borrowers can choose from loans are as short as 15 years to as long as 40. The 30 year fixed-rate mortgage remains to still be the most popular. Lenders have a new program that Florida home buyers should consider called a pick a pay. The program works best for those who have a 620 or better credit score a new Florida home buyer can pick from 4 monthly payment options.
1 You can pay the fully amortized 30 year fixed payment
2. Interest only payment,
3. Minimum payment determined by lender
4 15 year payment option that pays off more principal.
I believe the pick a pay is a great option for everyone. Because nothing is for sure and unforeseen circumstances come up. On occasions when money is tight the minimum payment determined by the lender is as low as 2.5%. Meaning the monthly payment can be as little as 1/4th the average payment. In times of hardship this could mean the difference between losing the home to foreclosure or not. Another option to Florida borrowers is an FHA loan. An FHA home loan is the ideal for home buyers with past credit troubles or No credit history Lenders are willing to take a chance on borrowers with past credit troubles because FHA insured by the government, which gives lenders a sense of security not offered with other loans. If the borrower defaults the Federal Administration will pay off the note. Although credit scores are considered when applicant applies for an FHA loan, other factors such as payment of utilities and employment are just as important.
Are you are you looking for a Florida Loan? We work with over 100 different lenders and specialty programs from FHA to Hard Money. We shop lenders daily so that we can offer our client the best rates available. We will help you find mortgage brokers that will help you save the most money and get the best rates. A Mortgage Broker can save money since they can help you shop for the best rates, as opposed to the bank, which only gives you their own rate. If you have a property your looking at and you would like an idea of what your monthly payments would be contact us at 800-570-0448
Thank you
Thomas Martin
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