Best Mortgage Rates in Florida
The majority of the mortgage companies that advertise on television, radio, or newspaper often lure potential mortgage loan borrowers with claiming they have the best mortgage rates. Many mortgage companies spend thousands of dollars on mailers and TV advertisements offering potential mortgage loan clients ridiculously low mortgage rates. Many times the mortgage rates these volume of mortgage companies advertise have many conditions that come with it like blending in mortgage points in order to advertise the lowest mortgage rate possible in order to bait and switch the mortgage loan borrower.
How Can You Find “The Best” Mortgage Rates in Florida?
The main reason for these mortgage companies advertising such low mortgage rates is primarily to make their phones to ring. It is a bait and switch marketing strategy. This bait and switch marketing technique is also known as short pricing.
Mortgage Rates in Florida: Beware of Short Pricing
Short pricing is when a mortgage company advertises a ridiculously, almost impossible mortgage rate, low mortgage rate with having the intention of implementing a bait and switch method once the client has called the mortgage broker. With short pricing, a mortgage company offers a mortgage loan borrower a super low mortgage rate but the mortgage rate quoted to the mortgage loan borrower is only locked for a super brief period which does not make sense.
Locking your Mortgage Rates in Florida
Most home buyers enter into a real estate purchase contract and normally set a closing date for 30 to 45 days from the date of the signed contract. If a mortgage loan borrower were to lock at mortgage rate for a 5 to 7 day period, the borrower is just wasting his or her time because the mortgage loan will not close in that short period of time frame. When you see mortgage rates advertisements on television, radio, newspapers, internet, or get mailers, the lock period they are offering with the ridiculous mortgage rates is often times very unrealistic due to the very short time frame in getting a purchase real estate contract executed and close the mortgage loan.
What Else Should You Look Out For?
Other common ways mortgage companies advertise ridiculously low mortgage rates is by offering you a mortgage rate that is super low but you need to pay points in order to get that rate. Paying points is not stated on the advertising but it reflects on the APR. The APR, or annual percentage rate, is the real cost of financing your home loan. The APR consists of the various fees associated with the mortgage loan and is usually listed on a fine print section of the mortgage loan ad as a disclaimer. Mortgage advertisers will state the super low mortgage rate in super large bold letters but will post the higher APR mortgage rate in fine print that is hard to read. The higher APR rate will most likely have several points being charged on the mortgage loan amount in order to get that ridiculously low advertised mortgage rate that would not benefit most mortgage loan borrowers.
Mortgage Rates in Florida depends on your Credit Scores
I would strongly recommend to do some intensive due diligence on mortgage companies that advertise excessively and that bombard you with constant junk solicitation mails that offers you mortgage rates in Florida that seem too good to be true. I once called on a mortgage company ad just out of curiosity that advertised 30 year mortgages at 2.25%. It turned out to be a scam because to qualify for such a rate, they told me I had to pay 5 points upfront and it was an adjustable rate mortgage loan product where it was just amortized over 30 years.
How to Get Personal Help With Mortgage Rates in Florida With Me
If you are interested in a mortgage loan in Florida (or California and Illinois!), please contact me at 262-716-8151 or email me at email@example.com. You can also subscribe to our newsletter or visit us at www.gustancho.com for the best mortgage rates. I represent over 50 wholesale mortgage lenders in California, Illinois and Florida and can shop for the best possible mortgage rate for you. I do not charge any costs or fees. I get compensated by the wholesale mortgage lenders so I can act on your best interest.
Gustan Cho, NMLS ID 873293