Wondering if you can really find a great Florida Mortgage Lender online? It is possible to get a good mortgage with a low rate, great terms and low fees. And you can do it online, with less hassles and headaches, by completing a simple application form. But before you sign on the dotted line with a Florida Mortgage Lender online, make sure you watch out for these three things: A signature on a blank piece of paper Watch out for any mortgage lender that asks you to sign a form BEFORE they've filled in the blanks. This is often a way of "pushing" you into a loan you can't afford or making you accept unfair or abusive loan terms. Never sign any paperwork unless all the blanks have been filled in and all the appropriate items have been completed. If your online mortgage lender insists that you sign an incomplete form, find another loan company for your business. Missing documents Your lender should provide you with four documents to explain your loan terms, your rights and your responsibilities as a mortgage borrower. You should always get a "Good Faith Estimate," which lists an estimate of all your fees and extra charges. You should get a "Truth in Lending" statement, which should include information about your interest rate, the finance charge and number of payments required. Your lender should also give you a HUD Special Information Booklet (a basic information booklet) and a HUD-1 Settlement Statement (a form listing closing costs and charges). Insurance requirements Some disreputable mortgage lenders may require you to buy Credit Insurance. This type of insurance repays your mortgage debt if you should die or become disabled and unable to pay off the debt yourself. However, this insurance is usually optional--it's your choice to buy it or not--and should not be a requirement from your mortgage lender. Before signing on with a Florida Mortgage Lender online, make sure he/she is licensed by the state of Florida. You can check for licensing of Florida Brokers and Lenders through Florida's Department of Financial Services. |
