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(561) 228-8563
(718) 701-5127

Apply Now OnLine: Secure Mortgage Application for Purchase or Refinance of Real Estate in Florida and New York Contact Us About Florida Mortgages for Purchase or Refinancing Your Real Estate Print this Page for Your Personal Use Bookmark this Page so you can come back quickly
 

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Florida Mortgage Rates

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FLORIDA MORTGAGES & REFINANCE SERVICE


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Your Credit

 

Years Planning to Keep Property

Years Keeping Property

Typically These are the Most Recommended Programs by Most Brokers & Lenders - However, rates are low - perhaps the fixed rate is best, or an optional Interest Only Program???

1-3

3/1 ARM, 1 year ARM or 6 month ARM

3-5

5/1 ARM

5-7

7/1 ARM

7-10

10/1 ARM, 30 year fixed or 15 year fixed

10+

30 year fixed or 15 year fixed
 

Loan Programs

Advantages

Disadvantages

Fixed Rate Mortgages

30 year fixed
15 year fixed

  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages

10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up

Balloon Mortgages

7 year
5 year

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term.
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs

  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs

  • Don't need to verify income
  • Faster approval
  • Higher rates
  • Higher down payment

No Point,
No Fee Programs

  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments

Imperfect Credit Programs

  • Potential for reestablishing credit if you pay your mortgage on time.
  • When used for debt consolidation, you may be able to reduce your monthly debt payment
  • Higher rates
  • Terms may not be as favorable
  • Harder to get long term fixed loans
  • Loans may have prepayment penalties

Home Equity Line of Credit (HELOC)

  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  • Rates can change. The maximum interest rate is normally high.
  • Payments can change
  • Harder to refinance your first mortgage

Home Equity Fixed Loan

  • Fixed payments
  • Interest may be tax deductible
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • Purchase a house with 0 down
  • Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
  • Debt consolidation programs
  • Home Improvement loans
  • Qualify even if you may have been turned down before!

Apply Now or Contact Us for Personalized Quote

Call us for more information and a free consultation.

Apply Now OnLine: Secure Mortgage Application for Purchase or Refinance of Real Estate in Florida and New York

 

When you get a Florida mortgage through us, we want it to be a great experience!

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!
 

We look forward to hearing from you,
our most important client!

Page Updated: 07/31/2007

First Published: 2001


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