Most people tend to call a real estate agent first so they can start shopping for a home. However, it is far more efficient to work with your mortgage originator first. Most realtors and sellers will want to know that a buyer is pre-approved for a mortgage before moving forward in their process.
FAQ’S
HAVE QUESTIONS? WE’VE GOT ANSWERS.
What is my rate going to be? or Why isn't my interest rate as low as the one I saw advertised?
If anyone tells you they can quote you a rate immediately, run away from them as quickly as you can! The interest rate varies with each client and is dependent on several factors including the type of property, the amount of the down payment, the credit score, the length of the loan, the loan amount and other factors. Interest rates can also fluctuate several times within a day, let alone over days or weeks. When a potential client calls us and requests a rate we first gather as much information as possible. We then can quote a rate based on the information given with the caveat that that rate cannot be guaranteed until an application and documentation are submitted to a lender. At that time we consult with the client about the best time to lock the rate.
How long will the process take?
30 days is the average. Some lenders will say they can close loans in just a few days but that just isn’t true. If a client supplied every possible document necessary at the time of application a loan could be completed in about 14 days. However, most loans can be closed in 30 days. Condos can take a little longer due to association requirements and information a lender requires from them. The reasons it takes 30 days include time for the appraisal to be completed ( usually a week), underwriter reviews of documentation and requests for further verification, verification that assets are available, verification of insurance on the property, completion of title work, verification of employment and more. Although all of these are being worked on simultaneously, some people and companies get us the documentation we need faster than others.
Why shouldn't I just go to my closest bank branch?
There are two reasons you may not want to get your mortgage from your bank. First, the rates we can get are generally a little better than what you can get at your bank; we’re wholesale as opposed to retail. The second reason is that we don’t work for the bank so our interests are aligned with yours, not the bank’s profits. In addition we don’t keep bank hours so we’re available when you need us to be, not just 9:00-5:00.
The online rocketship mortgage company said I was approved in 15 minutes. How come you can't do that?
Because we actually take the time to calculate the amount for which you can be approved by reviewing your income and asset documentation, credit report and tax returns. That can’t be done on a phone app in 15 minutes.
The online rocketship mortgage company also said I could lock a rate for 90 days. Why don't you do that?
Because they don’t tell you that the rate is higher when you do that. Even if the rate drops, it will still be higher relative to the rate you would get if you lock for only 15 or 30 days when your loan application is in process.
My real estate agent has a mortgage person working in their office. Isn't it easier to work with them?
No! It is not any easier and, in fact, it may be more expensive for you to do so. Mortgage companies pay expensive rents to be located in real estate offices. The cost is often offset through higher interest rates or fees. In addition, the person you meet in the office is probably not the person who will process your loan so you may not know who to contact when you need information.
What is mortgage insurance and do I have to have it?
Mortgage insurance is only required when the down payment is less than 20%. IT INSURES THE LENDER, NOT THE BORROWER. It is a monthly payment made to the lender that insures that if you stop paying your mortgage, the lender will still get paid. It does not absolve the borrower from any missed payments.
IN ADDITION WE OFFER
HOW WE’RE DIFFERENT
As being the one of the most established mortgage companies in South Florida we pride ourselves on our customer service and being able to pride you with the best loan that fit your needs. Large companies care only about making money. First Southeast Mortgage is not like your every other mortgage company; we work WITH you because we work FOR you.
We are accountable to YOU
Many mortgage originators you speak with actually work for a specific bank or mortgage lender whose profit interests come before your needs. We’re independent brokers who work for you and your interests. We partner with several lenders which gives us and edge in finding you the best rates and terms for your loan. We advocate with underwriters to make sure they fully understand all of your income and asset documents and special circumstances. Most importantly, we don’t earn a fee unless your loan closes so our incentives are aligned with yours.
We are not a call center
When you call us you are talking to only one mortgage expert who guides your loan application through the entire process from beginning to end. We take time to get to know you. We are also available the hours that you need us, whether it’s at 7:00 in the morning or 10:00 in the evening, we are there for our clients when they need us, not just during office or call center hours.
Technology
Our easy online application process is fully secured and means that you don’t have to meet us at an office to sign reams of papers. Most of our documents can be e-signed and additional documents can be scanned and emailed to us. You can do almost everything you need to from wherever your computer is; home, work, your favorite coffee shop or craft brewery.
Security
Your personal information is fully secured. By law, any personal information you share with us is strictly confidential – we can’t even share it with your real estate agent or attorney. In addition we do not sell or share your information with any other company or business.
Self-Employed specialists
A large percentage of our clients are self-employed. We work with you to make sure you understand how an underwriter will review your income and tax returns. We often will speak with underwriters before submitting the loan application to make sure that documents you provide will be acceptable or to find out what additional documentation may be necessary.
We are active in our community
Unlike national banks and online lenders, we are located in Florida and always contributing to our community. We have participated in many non-profit organizations by sitting on their boards, sponsoring events and donating time and money to make our community a better, more vibrant place to live and work. A quick list of some of our favorites include Friends of Broward Homeless, The American Heart Association, Florida Children’s Theater, Island City Stage ( We LOVE theater), Leadership Broward, City of Hollywood Planning and Zoning Board, AIDS Walk, SunServe, The Greater Hollywood Chamber of Commerce. The Greater Ft. Lauderdale Chamber of Commerce
Experience
First Southeast Mortgage has been in business for 35 years. Few in the mortgage industry can claim that kind of longevity and experience. We have survived the ups and downs of the real estate market by staying focused on our clients and their needs, not chasing quick profits.
We are the best rated mortgage company in South Florida
I owned one of the largest real estate agencies in Vermont. When I moved to South Florida I needed to find a mortgage broker for some clients with whom I was working down here. I met Andy Rogow at a networking function and we immediately hit it off. He took very good care of my clients. He was thorough and efficient and he held my client’s hand through the entire process keeping them calm and informed. I would highly recommend him!
Super easy and totally professional! I was so nervous about going through the process, but Andy Rogow sat me down and talked me through everything and made sure I had all the documents I needed and that I understood every step of the process. I couldn’t have had a better experience. Painless!
Andy Rogow is phenomenal! He was extremely helpful in the mortgage preparation process identifying the best loan available. The closing agent cited Andy’s efficient and thorough response with troubleshooting to ensure a timely closing. He is the mortgage shirpa you want on your side!