PLEEEZE hire a reputable Florida Mortgage Lender!
Well, not exactly on the corner, but you know what I mean. While it is easy to find a Florida Mortgage Lender, it is harder to find a reputable Florida Mortgage Lender.
There are the banks everywhere that lend money for a Florida real estate purchase.
But not every Florida Mortgage lender lends money for commercial property or foreign national purchases, but just ask me and I will point you in the right direction.
One of the many duties of an Exclusive Buyers Agent…
…is to direct my clients to a reputable FLORIDA MORTGAGE LENDER for their financing.
I want to make sure that my client does not apply for a loan with Cousin Vinnie hiding behind the internet and delivering nothing. Lets face it, unscrupulous people do hide on the internet. Some to steal your identity and some to take your application and appraisal fee money and disappear. Others are on the internet just to scrape together some business by quoting a low interest rate which later morphs into a “bait and switch”.
Don’t get snookered. Please hire a reputable Florida Mortgage Lender.
The majority of our clients hire us because of our expertise.
They welcome our guidance for a reputable Florida Mortgage lender and to lead them through the real estate Florida Mortgage Lender maze.
Then there are the few buyers who think they know better…
Like home buyer Doctor Bob, who applied with a some sketchy lender on his cell phone. Boy! what a deal they gave him.
The day before closing he learned that he was being charged an additional $5,000 which was not disclosed. He hit the roof and called the title company which was of course in some other state…they said “too bad so sad…do you want to close or not?”
I then called the title company attorney and put the squeeze on him for working with a shark lender. He laughed.
Doctor Bob then called his lender, who hung up on him. True story.
Doctor Bob only had only two options left.
- Close and pay the $5,000 fee.
- Not close and loose the $10,000 escrow deposit on the purchase contract.
It was too late to back out of anything. Doctor Bob was approved for a mortgage. Doctor Bob was not even sure what state this Florida mortgage lender operated from. I was convinced that the lenders “office” was just a cell phone…
Another Buyer Sue ignored my pleas to stay off the internet.
I gave Sue an excellent Florida Mortgage lender, who could not match the fake low interest rate that someone in Tennessee was promising. Lets face it, there is no free lunch in the mortgage business. I know because I used to own a mortgage company.
A reputable Florida Mortgage Lender rates will be close to another reputable Florida Mortgage Lender on the estimates. Everything else falls into the catagory of “If it sounds too good to be true, it probably does not exist”. No one works for free.
Anyway Buyer Sue’s lender was so incompetent that she did not close on the closing date despite that fact that the day before the scheduled closing this Tennessee lender told buyer they would still close.
Buyer did not close a week later either, nor two weeks later…or three weeks later…no good explanation.
The seller was ready to pull the plug and would not give her an extension…seller had a back up contract…the low, low, low interest rate was getting ready to expire. OOPS! The day the rate lock expired, the lender said they were ready to approve her. Isn’t that interesting? This wonderful low interest rate vanished into thin air and was no longer available. A coincidence? Or planned that way?
Then there was Mr. Elkton who went on the internet to have all lenders compete for his business…68 people pulled his credit…and lowered his credit score.
I have more true stories, but I think you get the picture…
MUST READ SECTION:
Lending requirements in Florida are not the same as in other states. An out of state lender does not understand the nuances of Florida Lending and that alone may create enough issues to cost the buyer from actually closing on the house.
Lenders that operate on the internet may be on another continent just fishing for confidential information. Buyers naively provide social security numbers and bank account info to an unknown voice just because they are telling the the buyer a good story. Do you realize how easy it is to sell your financial personal info to those that will put it to fraudulent use? Happens every day.
If you are working with a buyers agent that you trust, please take their Florida Mortgage Lender recommendation seriously. For honest answers to all your real estate questions, call Buyers Broker of Florida 407-539-1053