florida mortgage rates

Thank you for thinking of Florida Mortgage Corporation, the mortgage lender that cares! If you are a buyer or seller involved in a "For-sale-by-owner" transaction, you have come to the right place. We have put together some basic information to help you in the mortgage process. All matters in real estate contracts are negotiable, however, local custom usually prevails when discussions between buyer and seller is consummated.

Florida Mortgage Corporation will arrange everything, and make sure that the transaction goes as smooth as possible. A few of the items we will perform:

Title company: We will work with your title company or select one for you.
Appraisal
Survey
Termite inspection
Home inspection (optional)
Flood certification
Hazard insurance company
Other items

For The Seller:

We will pre-qualify the buyer for you. This is important so that you do not waste your time negotiating with a buyer who may not qualify. We will keep you informed and coordinate the closing date. It is common for the seller to pay the "Document Stamps and the "Owners title insurance policy".

If you have agreed to pay the buyer's closing costs, put a limit on them. Setting overall limits can prevent surprises. Sometimes the limit is set by the lender depending upon the amount of down payment.

Document Stamps: It is common for the seller to pay for conveying the property of $7.00 or more per thousand dollars of sales price.

Owner's title insurance policy: Based on the sales price of the home.

Good luck in your efforts to market the home yourself! If you aren't successful in a short time, call or e-mail us. We can recommend a real estate professional in your area that can help you get your home sold fast!

For The Buyer:

We will pre-qualify you for a loan by determining the maximum loan amount. A certificate will be issued indicating the loan amount and period of time. With this information you can shop for a home and know what price range of homes to look at.

Do I need an Attorney?: Few buyers or sellers obtain an attorney. Only you can make that decision, but if you choose to use legal counsel make certain they are experienced in real estate. An attorney not familiar with standard forms, the mortgage process and closing procedures could cost you hundreds of dollars without corresponding benefits. Beware of the attorney that offers free legal advise in exchange for other services such as the title work.

Title Insurance......what is it? Title insurance is perhaps the most unique form of insurance offered today. It was first issued in 1878, but it remains widely misunderstood by consumers.

Basically, it protects the insured from losses as the result of claims on the one's ownership of land. For instance, a seller may forge a signature of another, creating a loss for the new owner. Other problems that can occur include improper court proceedings, unfiled liens, recording mistakes, incompetence involving previous sellers, etc.

There are two basic forms of Title insurance - an Owner's Policy and the Lender's Policy. As the names indicate, the Owner's Policy covers the land owner and the Lender's Policy covers the Lender on a particular parcel of real estate. If a Lender's Policy is issued, why do I need an Owner's Policy? A Lender's Policy offers no protection to the land owner. A claim may arise that does not jeopardize the lender's interest, but may, in fact, cause a great loss to the owner.

Probably one of the most comforting features of title insurance is the obligation of the insurer to defend you against claims of others. A neighbor may claim rights to a portion of your land. Without Title Insurance, you would have to bear the cost of settling this dispute through the courts, regardless of the validity of the claim.

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