Is It The Right Time to Refinance Your Florida Mortgage Loan?

The answer to that question really depends on your unique personal circumstances. That’s why while Guild Mortgage Inlanta offers many options to help Florida homeowners lower their mortgage rates or free up cash for renovations, college tuition or other important life events, we always recommend talking to one of our S.M.A.R.T. mortgage specialists before you apply.

When you refinance your home, you are paying off an existing loan with proceeds from a new loan. Generally, when you refinance you are taking advantage of improvements in your credit, built-up equity, changes to terms, or drops in market interest rates. Benefits of refinancing can include lowering your current payment, changing the term of your loan to raise or lower your amortization length, or borrowing against the equity in your home to get cash out.

With today’s historically low interest rates, many people find it beneficial to refinance to take advantage of great rates or to shorten the amortization period of their mortgages to reduce lifetime interest paid. Those not looking to cash out some of their equity will find our Streamline refinance options fast and easy. Read the rest of this entry »

It’s true that mortgage rates are at a historic low right now – so low that you might be inundated with junk mail, spam and calls from churn-and-burn mortgage companies. In fact, today’s rates are not so far from the all-time low for the benchmark 30-year rate. which was 3.5 percent in December of 2012. With rates slipping over the past few months, affordability for purchasing is increasing.

For example, a 1 percentage point difference (4.5 to 3.5) on a $250,000 mortgage can mean $144 less per month in mortgage interest.

While this is great news, sound financial planning avoids knee-jerk reactions to rate fluctuations. Instead, it’s better to take the long view, and do a thorough analysis of the best way to leverage current conditions.

The bottom line is that great rates alone should never drive a new mortgage or refinance application. The benefits are case-by-case, depending on your unique circumstances. That’s where guided, mathematical analysis comes in. Read the rest of this entry »

Are you a renter who hopes to one day own your dream home? Are you looking to move up from your starter home? Did something catch your eye driving by?

If you think you’ll even LOOK at a house for sale in Florida this year – or next — it’s time to take a closer look at your “real” credit score. That’s because you need to ensure your financial ducks are in a row BEFORE you can house-hunt with a mortgage pre-approval in hand. Read the rest of this entry »

There are lots of places on the internet to learn your credit score. But if you’re planning to purchase a new home, these online scores don’t tell the whole story. A consumer score is meant to be educational. All information is the same that will be found on a mortgage report, but the weight given in scoring is completely different. The idea is that the consumer can see how they compare to national averages and can catch errors. Mortgage scores are based on FICO Scores, which have many different versions and the newest model is rarely used right away in the industry.

Generally speaking, myfico.com is the only source to get your true “mortgage” scores. Of the FICO scores, there are different types of scores used by auto lenders, credit card companies, and mortgage companies.

• FICO Credit can range from no credit to scores between 300 and 850
• 750+ is considered excellent credit
• There are 3 Bureaus who report credit that all banks use to determine credit worthiness. They are: Experian, Equifax, and Transunion.
• However, the types of free online scores most consumers see are actually different than what a lender uses.

Need help getting ready to apply for a pre-approval or mortgage? Contact one of our S.M.A.R.T. Mortgage Specialists today.