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#1 mistake when searching “Mortgage Rates Today”

#1 mistake when searching “Mortgage Rates Today”

The #1 mistake consumers make with the widely-searched term “mortgage rates today” is not knowing how to read the fine print and the multiple factors associated with determining accurate mortgage rates. The most deceptive advertised mortgage rates are either missing clear and conspicuous disclosures of the terms or have disclosures that require a very mortgage savvy person to understand.

For instance, some of the biggest online lenders advertise the lowest rate - but only based on very low loan-to-value and includes paying multiple discount points.  The fact is, most consumers don’t want to pay discount points. The cost associated with recuperating points with rates takes a long time to justify the benefits, and some people just don't have the money.  Another thing to consider is that mortgage rates today are subject to multiple criteria: Exact credit score, Loan amount, Loan-to-value, Purchase or refinance transaction, With and without cash out and Type of property.

Here are two categories of the type of companies that advertise mortgage rates to hook customers into completing an application (which eventually results in bait-and-switch tactics):

BIG Mortgage Lenders - The BIG online mortgage lenders with highly recognized names that sponsor the Superbowl and other major sporting events.  When it comes to lowest mortgage rates it’s not like a car dealership that gets better pricing based on volume. Pricing is purely based on overhead and cost of acquisition.  Often times, smaller mortgage brokers undercut these big lenders by a quarter to a half a percent when comparing same closing costs because they don’t have hundreds of employees or million-dollar advertising costs.

Lead generation websites with big brand names:  These websites are very deceptive and unregulated since they are not licensed mortgage companies and will do anything to get consumers to complete a form.  They will advertise 15 year mortgage rates or adjustable mortgage rates with the idea that consumers assume it's a 30 year fixed rate without any discount points. The truth in lending act clearly sets out guidelines mortgage lenders are supposed to follow when advertising rates to consumers.  However, these lead generation websites have zero understanding of the law and have only one goal in mind:  get consumers to complete an application so they can sell your information over and over which will result in you getting slammed with telemarketers.

Do yourself a favor and instead of searching “mortgage rates today”, search for the best local mortgage companies, mortgage lenders or mortgage brokers. Interview them and read their reviews.  Each local market has hundreds of mortgage companies and so there's no reason to try and get a mortgage from an out of state lender that's just a call center full of highly motivated sales people.  Just think about this: Would you invest money with a financial adviser over the phone, or would you rather deal with a local person that you can meet with face to face?

It's your financial future at stake, your social security number and your identity that you're sharing. Make sure you know where your information is going and who you're giving it to.

I’m Shahram Sondi (NMLS id: 186790), principal broker and president of Florida Home Funding, a Florida licensed mortgage broker. As a consumer advocate, I am constantly working to educate consumers on making good financial decisions. I have been serving the Central Florida market with experience and integrity since 2001. Tell me what you’re looking for, and we will personally present you with the lowest available mortgage rate today based on your desired mortgage type and term.

When it comes to getting a mortgage

you have more options than you think

No Closing Cost Mortgage Home Loan

What is a no closing cost mortgage?

A no closing cost mortgage is simply an option that is typically offered by low-priced mortgage brokers when purchasing or refinancing a home.  It is not some special promotion and is available everyday for consumers that want to explore a no closing cost option.  Simply put, you get credit from the interest rates available to cover all or most closing costs associated with getting a mortgage. Here is an example of options involved with getting a mortgage through a low priced mortgage broker:

  • You have the option to choose the lowest rate available with points/origination fees and all the standard title and state taxes, etc.
  • You have the option to choose the lowest rate available without any points/origination fees and still have all the standard title and state taxes, etc.
  • You have the option to choose the lowest rate available without any points/origination fees and without all the standard title and state taxes, etc.

Mortgages aren't "one size fits all". Everyone's situation is different. Some benefit from lower rate and higher closing costs, while others benefit from slightly higher rate with no closing costs depending on their short term and long term goals

Simply tell me your scenario, and I will analyze your situation and provide professional advice that could save you thousands.  No obligation free mortgage analysis.

When it comes to getting a mortgage

you have more options than you think

Mortgage Rates November 8, 2013

Can you believe the delayed, skewed jobs report?  The business survey shows 204,000 new jobs while the current population survey (source) shows a net loss of 735,000.  Is the media and the market blind? Are they ignoring certain numbers or are we just wanting to fool the American people about how the economy is improving and say "bravo Obama?"

The unemployment rate is at 7.3%. The Feds are not going to taper, but the media focusing back on taper talks once again will result in increase in mortgage rates.  Figuring out when to lock a good interest rate is  harder than going to the casino and playing slots.

Here is a fact that the rubbish unemployment numbers from the surveys have created:  HIGHER mortgage rates which results in less savings for the existing and new homeowners that are trying to refinance of purchase a home.

[caption id="attachment_4579" align="alignnone" width="640"]Household Data Household Data[/caption]

Mortgage Rates November 8, 2013:

30 Year Fixed Rate Mortgage – 4.00% (4.197% APR)
15 Year Fixed Rate Mortgage – 3.00% (3.266% APR)
Disclosures

Check back tomorrow to get the newest rate updates!

When it comes to getting a mortgage

you have more options than you think

Mortgage Rates November 5, 2013

It may be just another day, but MBS prices started the day lower and have continued to decline. This is not good news for mortgage rates; putting them at risk for unfavorable pricing.

The ISM Service Index rose to 55.4 for the month of October, which was above expectations of 54.0. Also released, the Census Bureau reported today that the U.S. homeownership rates rose slightly to 65.3% during the third quarter, up from 65% for the second quarter which was the lowest since the third quarter of 1995.

The Feds are still talking, this time it was Boston Fed’s Eric Rosengren who said that economic growth is still low and that the Fed is in no hurry to raise short term rates (Fed Funds Rate). Rosengren also stated that he is not happy with the progress of jobs growth which most likely means that QE3 will continue in to at least the first quarter of 2014.

The Federal Reserve’s latest survey of loan officers shows that some large banks have eased up on their lending standards for prime residential mortgages over the past three months, while small banks have reportedly kept most lending standards the same. Banks also reported that there has been less demand for prime and nontraditional mortgages over the past three months.

Even though all of this Fed talk is favorable for mortgage rates into the next quarter, today may not be such a good day. As MBS continue to fall, we may be looking at slightly higher mortgage rates soon.

Mortgage Rates November 5, 2013:

30 Year Fixed Rate Mortgage – 3.875% (4.053% APR)
15 Year Fixed Rate Mortgage – 2.875% (3.214% APR)
Disclosures

Check back tomorrow to get the newest rate updates!

When it comes to getting a mortgage

you have more options than you think

Mortgage Rates November 4, 2013

It’s a new month with new challenges coming up towards the end of the week when the October jobs report is released, although the outlook for job numbers doesn’t look for too good which will probably be better for MBS prices.

Estimates for the October’s jobs are expected to be around 100,000 added which is much lower than September. It is also expected that the unemployment rate will increase slightly. Even though there has been improvement in the labor market over the past 5 years, the Labor Force Participation Rate, which measures the health of the labor market, is at a 35 year low - that’s a lot of people giving up on looking for work.

The Feds are again speaking; St. Louis Fed President Bullard stated that while there is improvement in the labor market, inflation is running below the 2% Fed target. As long as inflation remains below the target, the Feds have the go ahead to continue to purchase bonds.

Stocks are flat; MBS prices are up today which means there is the possibility for re-pricing to lower rates. Current Florida mortgage rates remain unchanged.

Mortgage Rates November 4, 2013:

30 Year Fixed Rate Mortgage – 3.875% (4.051% APR)
15 Year Fixed Rate Mortgage – 2.875% (3.215% APR)
Disclosures

Check back tomorrow to get the newest rate updates!

When it comes to getting a mortgage

you have more options than you think

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