After a busy weekend that was spent at the Florida Refinance Mortgage Trade Show I spoke to many lenders and mortgage brokers who were feeling optimistic that the industry is taking a turn and will soon bounce back. I noticed a lot of new lenders that I didn't recognize to later find out that they were lenders who had been downsized and re-branded with a new identity. Overall, the turnout was fairly reasonable considering all of the ups and downs and turns in the road that the Florida refinance mortgage industry has seen as of late. The brand new Florida refinance mortgage site is being launched and will report on all of the latest news for potential borrowers as well as folks looking to do a Florida refinance mortgage.

Many of the loan officers were telling me how they still believe that ARM's are a very popular loan product. An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The interest rate, and your payments, are periodically adjusted up or down as the index changes. The adjustment period is the period between potential interest rate adjustments. You may see an ARM described with figures such as 1-1, 3-1, and 5-1. The first figure in each set refers to the initial period of the loan, during which your interest rate will stay the same as it was on the day you signed your loan papers. The second number is the adjustment period, showing how often adjustments can be made to the rate after the initial period has ended. The examples above are all ARMs with annual adjustments--meaning adjustments could happen every year.

I also asked if Fixed rate programs were just as popular today because in many cases I have seen 'fixed' rates just as low as ARM's. When people thought of a mortgage 10 to 50 years ago, they thought of a 30-year fixed rate mortgage. This traditional favorite is not the only choice nowadays because volatile financial times created a whole new range of selections. However, the 30-year fixed rate mortgage may still be the best mortgage for your circumstances. It offers the lowest monthly payments of fixed rate loans, while providing for a never-changing monthly payment schedule. Some lenders offers 25, 20, and even 40-year term mortgages as well. But remember, the longer the term of the loan, the more total interest you will pay.

I still receive many calls from my Mortgage Observer Podcast and the popular Florida refinance mortgage program still seems to be ?Interest-Only? I talked to many mortgage brokers about this and they seemed to believe that Interest-Only programs were the only way that a borrower could possibly get into a nice house at an affordable price. I still personally believe that the interest-only loans is the product that got many of the sub-prime lenders in trouble. As rate went up and Underwriting guidelines tightened, appraised values started rapidly slowing down. Many Florida refinance mortgage home owners figured that if they ever fell among tough times that they could just sell and then when they noticed that everybody else on the block was trying to do the same thing it created an over abundance of houses for sale and a limited number of buyers.
Hopefully the next six months will see house values leveling out and foreclosure rates decreasing as well as lenders getting a little more lenient on their Underwriting guidelines. Homeowners will be able to relax a bit and get ahead of the game instead of worrying about losing all of their equity.

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