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Posted by Mstr Jack on February 12, 2006, 3:44 pm
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Hi Steve,
Well, your question is a good one, but giving you an answer based on the
limited info is going to be tough, so I'll try to answer it in general
terms.
1. The rate isn't bad for a standard "pick-a-pay" loan, depending on what
your credit score is.
2. The "pre-pay" ($200) is a little strange. Many lenders who have the
pick-a-pay option charge alot more for the ability to pay off your loan
early, but most also give you the option to re-fi it with them for free.
3. Main problem with going with the builder's financing is two-fold.
First, you pretty much have to take what they offer, and there is only one
(or a few) choices. Second, is your rep, (the one you actually talk to)
actually a Licensed Florida Mortgage Broker? Or is it just "someone" in the
office who is licensed?
That being said, since you're a UK resident, there are a few hurdles to
overcome in obtaining a mortgage in Florida, since you're not already a
Florida resident, unless you go through the builder's broker. So it is the
"easy" way out. But if you'd prefer a different type of mortgage entirely,
it might be worth the small amount of extra effort. Especially since most
of that work would done by your Mortgage Broker.
Another option, if there is no pre-pay penalty with this loan (most of these
programs have a 2-3 pre-pay penalty that can be 2% or more!), and you are
making this new home your permenant residence, is to take the builder's
program, contact us or another Licensed Mortgage Broker once you move here,
and then refinance. Although it is less of a hassle, you would pay closing
fees twice, and this can amount to several thousand dollars.
You said you had a lot of questions for the broker associated with this
builder, and if I were you, I'd at least get those answered to your
satisfaction (in writing) before I agreed to sign anything. Some things to
find out, if they're not already on your list;
1. Pre-pay penalty - how much and for how long?
2. Broker and processing fee - broken out seperately from other closing
costs
3. Total closing costs - broken out into specifics, title fees, doc stamps,
escrows etc.
The last one is usually only an estimate right up to the day of closing, but
since this company probably finances units for this developer frequently,
they should be able to get it pretty close.
If you have any other questions, or just want to talk to someone about your
options, with no obligation or pressure, feel free to email me at
jack@starmortgagebroker.com
or give me a call at
813.882.8878.
If you'd like, you can visit our website at the link below.
Jack
--
Star Mortgage, Inc. - Licensed Florida Mortgage Brokerage
813-882-8878
www.starmortgagebroker.com
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