Frequently Asked Questions

• How can I compare the interest rates offered by different lenders?
  
  To determine the price of a loan, consider the rate quoted, the amount of points and/or origination fees associated with that rate, and the length of time the lender will promise to deliver that price to you.
  
  
• Is a "no-cost loan" really no cost?
  
  In a "no-cost loan", the lender agrees to pay all of the costs of the transaction for the borrower in exchange for the borrower paying a higher price for the loan. This may or may not be reasonable depending on the individual borrower's circumstance.
  
  
• What does a "rate lock" mean?
  
  When a rate is "locked", the lender is being asked to guarantee the interest rate. A longer lock period means more risk to the lender and so the borrower is charged a higher loan price in the form of points.
  
  
• What is mortgage insurance?
  
  Mortgage insurance insures the lender against losses should the borrower not make payments and the loan go into default. It is this kind of insurance that allows lenders to make loans where the borrower's down payment is less than 20%. The term "mortgage insurance" is also used for those types of life insurance policies that are used to pay off the balance of the mortgage in the event of the borrower's death.
  
  
• What is a prepayment penalty?
  
  Prepayment penalty is an amount charged to the borrower when the loan is paid off before the termination of a period defined in the loan contract. Ask your lender if prepayment penalties are charged to your loan.
  
  
• What if I pay extra each month? How much can I save?
  
  Extra payments each month can reduce the term of the loan, if there are no prepayment penalties. For instance, if you make the equivalent of one extra payment each year, you can take eight years off a 30-year loan.
  
  

• What is Flmortgagedepo?
  
  Flmortgagedepo is an online consumer service that connects lenders and borrowers. We bring Florida's best lenders to you and offer competitive rates and excellent service. Apply for a loan and comparison shop online!
  
  
• How does Flmortgagedepo make money?
  
  The lenders and mortgage brokers pay a fee to be listed as a part of our extensive network of pre-screened mortgage professionals.
  
  
• How much does it cost to use the services of Flmortgagedepo?
  
  The service is free for you to use and we do not collect any extra charges for any transaction. You will work with the lender directly.
  
  
• Is Flmortgagedepo a lender?
  
  Flmortgagedepo is not a lender. We serve as a link between consumers and network of participating mortgage service providers. Our mission is to educate consumers by providing unbiased mortgage information so that each consumer may make an informed decision.