The past 10 years saw a fabulous, explosive boom in Florida real estate. Yet, with all the frenzy there was little guidance people received when taking out a mortgage. Now, the mortgage brokers who have survived the recent downturn are working diligently to remake their business.

Marketing campaigns of the major mortgage lenders are in full swing. Countrywide, which is the nation’s and Florida’s largest mortgage lender, is dispatching 200 loan officers in South Florida to open houses. They expect to make a total of 3,000 visits in the next few weeks. Bank of America has its loan officers working in the offices of several large real estate companies.

For all minority groups nationwide last year, almost four out of every 10 mortgages made to minorities nationwide were subprime, which is double the rate of subprime loans made to white borrowers. Don’t take that deal unless you’re sure there’s nothing better. One of the revelations of this crisis has been that people who could have qualified for cheaper home loans were offered more expensive subprime mortgages, because the commissions paid to mortgage brokers were higher.

click here for article

Looking for Boca Raton Mortgages and Financing? Realtor® Caesar Parisi is ready to help you buy your dream property.

search for : , , ,