If you are looking for help in getting one of the mortgages Florida has to offer, then it is likely that you will go to your bank first. However, it may actually be a much better idea to go straight to a broker instead. Mortgage brokers are there to make sure your interests are maintained at all times, which is different from the bank, which is looking out for its own interests! You need to see a broker as a consultant, who is licensed in the state to work with individuals just like you. They are trained to understand the different needs of different people, and to make sure that the financial product they end up choosing is right for them. Their specialization is in mortgages, and not in all banking products, and this means they are far better equipped to get you what you need.
A good broker is dedicated to making sure you get the best possible service. After all, it is your satisfaction with their service that ends up generating their income. A broker will get paid only if they manage to close a mortgage. Hence, it is in their best interest to properly use their expertise and knowledge to get you to take out such a product. When a broker deals solely with mortgages, they will also be able to provide you with the necessary advice to make sure you understand your options and the process as a whole.
The most important thing is that you choose a broker who is fully licensed and regulated by the state. In order to become licensed, they have to complete an extensive classroom education, which must be taken at a qualifying and accredited school. Once they have completed the instruction, they have to sit and pass a comprehensive examination. This examination looks at:
- The Florida Fair Lending Act
- The Patriot Act
- The Florida Mortgage Brokerage and Lending Act
- Relevant federal housing regulations
Other elements that these brokers have to prove their knowledge in include the Fannie Mae underwriting guidelines, conventional mortgages, and FHA/VA mortgages, as well as the mortgage closing process. Furthermore, they must prove they have the necessary mathematical skills to perform the calculations and have an extensive knowledge of real estate in general. Once they have passed the examination and have their license, they must complete 14 hours of continuous education every two years.
While the ins and outs of the education is perhaps none of your concern, what this means is that mortgage brokers in Florida are highly trained if they want to have a license, which in turn means they will give you the best possible advice. They are there for you, rather than for the bank, and this means you can rest assured that any advice they give you is actually in your best interest. They will make sure you get the best deal out there, whether that is with your personal bank or not.