Guide to Refinance, Mortgage,
& Home Equity Loans in
Ferry Pass, Florida (FL)

If you have found your dream home in Ferry Pass, Florida or are in the process of relocating to the area, then it is important to understand what your options are regarding mortgages. With the help of an experienced loan officer, you will understand the loan process and find the mortgage that is right for you and your family.

Mortgage Types

There are numerous mortgage products on the market today, but the two basic types are fixed rate and adjustable rate.

You will find that fixed rate mortgages are the most common. This mortgage is simple. Your interest rate is set for the duration of the loan, your mortgage payments will be the same every month, and the loan will be paid off at the set time. This mortgage is not affected by the economy or where you live. This type of loan is great for those who want a stable payment and no surprises.

There are more factors involved in an adjustable rate loan. The interest rate can change when the loan reaches an adjustment period. If the interest rate is higher at this time your mortgage payment will increase and vice versa. Typical adjustment periods are 1, 3, or 5 years. The good thing about this type of loan is that it usually starts out with a low interest rate.

The Loan Process

To qualify for a loan, you will have to fill out a loan application. Information that will be requested will include W-2 forms, pay stubs, tax returns, bank accounts, savings and bonds, credit history, car loans, and information regarding the home you are purchasing. It will also be necessary to send a verification of employment form to your employer and a verification of deposit form to your banks. All of this information along with the loan application will help to determine how much money you will be able to borrow and could affect the interest rate you receive. Because all of this information needs to be verified in writing, you may have to wait 3 to 4 weeks to be approved for your loan.

The final step in the loan process is closing. You will be informed of the amount of your down payment and closing costs before this meeting so that you can bring a certified check for payment. You will be asked to sign your name multiple times on numerous documents. Do not sign anything until you understand what it is. Expect this meeting to last around an hour. At the end of this meeting, you will receive the keys to your new home. It is now time to prepare to move.

Refinance and Home Equity Loans

A refinance loan may be what you are looking for if you already own a home and need some help financially. The goal of refinancing is to lower your mortgage payments. Replacing your existing loan with a new loan can help if you get a lower interest rate, a different mortgage type, or change the term. Obviously, if you accomplish your goal, you will have money left over every month that can be used for your other bills. Why not pay off those credit card bills, education loans, or medical expenses?

Another option for existing homeowners is a home equity loan. Equity is the difference between what you owe on your house and the value of your house. The longer you have lived in your home, the more money you will be able to borrow. These loans are available either as a line of credit or a lump sum payment. Home equity loans have shorter terms of 10 or 15 years. This money will be available to help you buy a new car or plan a family vacation.

Fill out the form below so one of our knowledgeable loan officers can help you explore the possibility of a refinance, mortgage or home equity loans in Ferry Pass, Florida.


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