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Florida Mortgage Rates

Comparing Florida Mortgages

In the Sunshine State, organization is the key to finding a mortgage with the lowest rate. If you’ve ever shopped around, you know that Florida mortgage options are many, making comparison a tedious and sometimes frustrating task. MortgageSearchLive.com can help, but first you need to decide whether you want to save money on the monthly payment, the interest rate or the interest expense.

If you’re a Florida resident purchasing or refinancing a condo on the white sands of the Gulf coast, it is possible to achieve your objectives. Adjustable rate mortgages (ARMs), fixed-rate mortgages (FRMs), home equity loans, and home equity lines of credit (HELOC) are among your options. How can you possibly assess all these options? It’s easy when you use the free mortgage calculator, Florida lender directory, rate charts, and amortization schedule available at MortgageSearchLive.com.

Different rates, different types of Florida mortgages

Different types of Florida mortgages have different rates. The rate on a FRM does not change so you always have the same payment for the entire loan term. Thirty years is the most popular loan maturity term, but a 15-year term with a lower interest rate is also popular option. The rates on ARMs adjust, usually upwards, but they can also go down. In the beginning, rates are usually low so monthly payments are low too. Home equity loans and HELOCs are second mortgages that usually carry a higher rate than refinance mortgages. They’re available with adjustable rates or fixed rates. 

Updating your Florida mortgage with a refinance

Homeowners with an existing mortgage may be eligible to refinance. Refinancing has many benefits including a lower payment, the ability to get cash and the ability to consolidate higher cost debt. If your goal is to lower your payment, you need a refinance loan with a lower interest rate or a longer maturity term. The other benefits, cashing out and consolidating, are possible only if you have equity in your home. If your home has increased in value or you’ve reduced your loan balance, there’s probably some equity.

Comparison Shopping in Florida

Whether you need a mortgage for a new home or a refinance, taking time to comparison shop is a great way to find the most favorable rate. After you familiarize yourself with the Florida mortgage options, start contacting Florida lenders to submit applications and receive quotes. Don’t be surprised if you’re not offered the lender’s low advertised rate. It’s only offered to borrowers whose credit histories are excellent. Unsure how your credit score will affect the Florida rate you’re offered? Find out the answer by reviewing rates by loan type and credit quality.

Although it seems like a lot of work, only four steps are involved in finding Florida’s best mortgage rates:

  1. Look through the directory of lenders and brokers in Florida.
  2. Contact them and request a few quotes.
  3. Use mortgage calculators and amortization tables to determine payments on different types of loans.
  4. Always be sure to compare similar terms on different loans such as the number of points being charged.

Popular Areas in Florida

Arcadia
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Clearwater
Clewiston
Crestview
Daytona Beach
Deerfield Beach
DeLand
Delray Beach
Deltona
Destin
Englewood
Fort Lauderdale
Fort Myers
Fort Pierce
Fort Walton Beach
Gainesville
Hollywood
Homosassa Springs
Jacksonville
Key West
Kissimmee
Lake City
Lakeland
Lynn Haven
Marathon
Marco Island
Melbourne
Miami
Miami Beach
Naples
North Fort Myers
North Miami Beach
Ocala
Okeechobee
Orlando
Ormond Beach
Osprey
Palatka
Palm Bay
Palm Coast
Panama City
Pensacola
Pompano Beach
Port St. Lucie
Punta Gorda
Saint Augustine
Santa Rosa County
Sarasota
Sebastian
Sebring
Spring Hill
St. Petersburg
Tallahassee
Tampa
The Villages County
Titusville
Venice
Vero Beach
Wauchula
Wesley Chapel
West Palm Beach
Winter Park