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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
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Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
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Applying for a Mortgage in Florida? How COVID-19 Has Changed the Rules

July 21, 2020 by Stephen McWillam

Buy a Home in Fort LauderdaleWe are currently living through wild times on a large scale. And the way we have had to conduct business in the wake of COVID-19 has changed as well. Even the way lenders are looking at new mortgage applications has changed.

From Instability to Flexibility

At the outset of the COVID-19 pandemic, the economy looked incredibly unstable. Rates were already low and that sent people out to apply for mortgage refinancing in droves. The mortgage industry’s response? They increased interest rates and fundamentally made it harder for borrowers to get mortgage lending.

But with the Federal Reserve’s involvement in stabilizing the economy, today’s qualified borrower now has access to some of the lowest mortgage interest rates in history. The experts are predicting that these rates will likely stay low throughout the rest of the year. Consequently, for those borrowers who are in a favorable financial position to buy a home or refinance their existing one, financing is now easier and more affordable.

Rate Volatility Turned into a Sigh of Relief

Our current rates have been falling since 2018. With the emergence of COVID-19, it could have forced rates higher. With massive unemployment and home values hanging in the balance, lenders exercised caution.

Even when the Federal Reserve cut institutional rates, lenders remained leary and made it more difficult for borrowers to get credit. But as the weeks ensued, the Fed has gotten more involved and the industry is breathing a tentative sigh of relief. In many ways, it is now easier and more affordable to find mortgage financing in Florida than it was pre-pandemic.

The New Rules to Allow for More Flexibility

To deal with the social distancing constraints of COVID-19, changes were made to allow for more flexibility when it came to real estate contracts allowing for more time to close. Remote lender technology has streamlined approvals and even appraisal rules have been loosened. Credit reporting agencies have now agreed to offer free credit reports through April of next year. The mortgage industry is more optimistic, and lending has been jump-started as a result.

Should You Apply for a Mortgage in Florida Right Now?

Of course, it is a personal decision and predicated on your financial situation and what you can qualify for. Unfortunately, COVID-19 has introduced other challenges with the financial vulnerability of a workforce that is battling layoffs and unemployment.

The good news is that interest rates are expected to remain low for the rest of the year so if your employment and financial situation changes for the better in the near future, rates will still be low. It’s in your best interest to speak with a mortgage professional to see if this is a good time for you depending on your individual circumstances.

Speak to a Professional at Florida State Mortgage Group

If you are thinking about taking advantage of today’s low interest rates, we would be glad to talk with you. Call our certified mortgage brokers at Florida State Mortgage Group, Inc. today at (954) 359-3000 to discuss if new mortgage financing is a good move for you. We serve Ft. Lauderdale, Broward County and throughout the entire state of Florida.

Filed Under: Mortgage Tagged With: Florida, Fort Lauderdale, Mortgage tips

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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