Florida Home Equity Loans

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.

Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.

For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

A home equity loan often can involve fees, such as the appraisal fee, title charges, fees and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender should be able to give you an estimate of their fees. It is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take fee quotes very seriously. We've completed the research necessary to make sure that our fee quotes are accurate to the city level – and that is no easy task.

We will send the closing documents directly to your home and we'll schedule an appointment with you to review them. One of the documents will need to be signed in the presence of a notary public. We'll even help you find a notary public in your area if you'd like.

After you sign the documents, you'll return them to us in a postage paid priority envelope that we'll provide. When we receive them, we'll send you a check for any funds that you are to receive and we'll pay off any other debts that you intend to satisfy with your new loan.