Florida Mortgage Rates
Compare the best mortgage rates in Florida today.
The most powerful man in America puts up a residence in Mar-a-Lago. But you certainly don’t need millions of dollars to buy a home in Florida as there are affordable homes there. You could contribute to the state’s homeownership rate and reap its gains as home values in the state are projected to rise by 3.0% next year according to Zillow.
Before you consider what home to buy, look into what mortgage rates Florida has to offer, what mortgage loans are available, and more.
Let’s help you shop and compare mortgage rates here.Mortgage Rate vs APR
A mortgage rate is an interest charged on the amount you borrowed to buy a home or refinance versus an annual percentage rate or APR that calculates the interest rate plus fees on yearly basis.
While the APR can offer a more accurate picture of the borrowing costs, it doesn’t apply to adjustable-rate mortgages because their rates change. This leads us to loan products available in Florida.
Mortgage Options in Florida
1. 30-Year FRM. It’s a mortgage staple and is easy to understand with its low rates and low payments. Other variations are 15- and 20-year FRMs. The shorter the term, the lesser the total interest costs of the loan and the higher the payments.
2. ARM. The adjustable-rate mortgage offers very low starting rates and payment. The rate resets periodically once a year and could increase but not drastically because of rate caps.
3. Hybrid ARM. It’s an ARM with an fixed-rate initial period. Examples are 5/1, 5/3, 5/5 where the rate adjusts annually after a year, three years, or five years respectively.
4. Jumbo loan. This is used to borrow larger amounts exceeding the conforming loan limit ceiling for a county, e.g. $424,100 in Palm Beach. Rates on jumbo loans are usually higher.
5. Second mortgages. One can be used to cover the downpayment if taken out simultaneously with any first-lien purchase mortgage or for line of credit (HELOC) or lump sum (home equity loan) if taken thereafter.
So, how do you find mortgage rates in Florida?
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