Even though the Prime Lending Rate has inched upward in the last four months, many wholesale lenders have special deals and hurricane promotions for Florida residents, and have kept rates at all time lows. These specials, which consumers can access through licensed mortgage brokers, are intended to assist people who were affected by the recent hurricanes.

But the home equity programs can be used by any homeowner in the state, even if they didn’t suffer storm damage. According to K.C. Pooley, President of Star Mortgage, Inc., “The hurricane promotions are an advantage to anyone looking to re-finance their mortgage for any purpose, since the reduced rates and easier qualifying apply to everyone. Some of the specials are very flexible and can even be used for new purchases.” Star Mortgage now has the best of these specials listed on their web site.

In a speech to the Credit Union National Association earlier this year, Federal Reserve Chairman Alan Greenspan had stated that American’s preference for fixed rate mortgages means many are paying more than necessary for their homes, and suggested consumers would benefit if lenders offered more alternatives. Banks and Credit Unions have been slow to respond, but wholesale lenders have usually been more flexible, and the variety of programs available has never been better. The hurricane promotions many are offering now are their best rates and terms, and offer both fixed and adjustable rates mortgages (ARMs). A recent Federal Reserve study suggested homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. The best of the special mortgage deals offer ARMs with flexible payments, including interest only payment options.         

“These programs came at a good time of year,” one broker noted, “And can help many homeowners who are looking to pay off credit card debt, take advantage of a low rate refinance, and also get a little extra cash for the holidays”. Most of the specials are scheduled to run through the end of the year, but that may change if the Prime Rate continues to rise.

Star Mortgage, Inc., a licensed mortgage broker based in Tampa, Florida, has acess to hundreds of wholesale lenderswith a wide variety of home mortgage loan options. They offers prospective borrowers detailed information on all of the available specials and promotions.

CONTACT:
Karen C. Pooley
Star Mortgage, Inc.
813-882-8878
http://www.starmortgagebroker.com