Florida offers, perhaps, the most mortgage programs in the United States. Because it is a favorite destination of travelers as well as retirees, Florida mortgages come in a variety of packages. Standard mortgages come in 15, 30, 40 and 50 year terms. Also available to Florida residents are adjustable rate mortgages (ARM’s), interest only mortgages, balloon payment mortgages and bad credit financing. Florida also has special programs for condo mortgages, mobile home mortgages and foreign national mortgages. Many people from the United Kingdom retire in Florida and Florida offers a special UK mortgage program designed to fit their needs.
Florida Mortgage Rates
Florida mortgage rates are equal to any rates found throughout the country. Mortgage rates depend on the type of financing requested as well as down payment amounts. Another consideration is credit score, employment history and if mortgage insurance is purchased. Borrowers with bad credit have many programs to select from and will be surprised at the low mortgage rates they can obtain through these programs. Mortgage rates can also depend on the type of lending institution used to secure the loan. While finance rates generally all keep within the same range, Florida citizens may find that some lenders offer better deals than others. On many occasions, private lending institutions within the state offer more lucrative loans than standard banks as a way to compete in the market.
Florida Refinance Rates
Refinancing has become a large industry in Florida. Depending on the type of refinancing you are seeking will depend on the interest rates you receive. A simple refinance to lower your interest rates will do just that. People seeking to refinance to take cash out or to pay bills will pay a slightly higher refinance rate. Refinace rates will also depend on the lender selected as well as the money cashed out from the loan.
Florida Mortgage Brokers And Lenders
There are hundreds of mortgage brokers and lenders in Florida. Banks, private lenders and credit unions are the three main lenders in the state. Florida also allows internet mortgages in their state widening the opportunity for finding the best rates. There are over 300 different banks in the state alone and countless private firms and credit unions. People seeking mortgage assistance within the state will have a large selection to choose from.