Your Tax Dollars At Work

On your search for the best mortgage rates one of the best places to start is the Florida Office of Financial Regulation Website (http://www.flofr.com). The FLOFR is responsible for licensing all of the mortgage lenders and brokers in the state of Florida. The site is a great place to find out if not only your mortgage broker is licensed but if the state has had any judgments against them. Finding this out is the first step to knowing whether or not you can trust that low rate quote you were given.

Other aspects of the site which will give borrowers a better idea of whether their home mortgage professional is indeed acting in a professional manner is the sites Lending Industry Update. The Update is a great way to understand how the industry works and what the ethical standards are. How is this pertinent to getting the best rate? Understanding the legal and ethical standards of the industry will not only help you in negotiations but also allow you to decide whether a lender is worthy of your time.

No Shortcuts

In the end though there are no shortcuts when it comes to getting a good rate. You will need to either dedicate your time or your money to ensuring you get the best deal. This means that you might choose to hire a mortgage broker to act as an agent. Mortgage brokers that operate as agents are bound by law to act on your behalf. If they haven't been contracted to work as an agent they have little or no allegiance to you. This means that most brokers are not required to get the best possible rate for you.

Many people are not convinced of the effectiveness of the broker/agent route. For these folks doing the homework is going to be very important. Calling multiple lenders, brokers, and even credit unions will give them a better sense of the home mortgage lending landscape. Shopping home mortgage rates is really the only way these folks can feel like they have really wrung the truth of what the real best rate is.