What is the difference between an Adjustable Rate Mortgage (ARM) and a Fixed Rate Mortgage in Florida
When buying a home in Florida, choosing the right type of mortgage loan is just as important as choosing the best house. One of the first decisions that you will have to make is whether to choose a fixed-rate mortgage or an adjustable-rate mortgage (ARM).
Both will allow you to get the house of your preference, but each one comes with unique advantages and disadvantages. And with all the conflicting information floating around, you can bet that the decision will not be an easy one. But thanks to our highly specialized staff, we can make it a piece of cake for you. Just talk to us, and our Florida mortgage experts can give you guidance based on your income, any debt, your home value and many other factors.
Today's Florida Mortgage Rates
30 Yr. Fixed
6.500%
APR 6.990%
15 Yr. Fixed
5.875%
APR 6.335%
30 Yr. Fixed FHA
5.625%
APR 6.597%
30 Yr. Fixed VA
5.625%
APR 6.051%
Mortgage Rates as of December, 10 2024 See All Rates | See Rate Assumptions
All Rates
| Term |
Rates |
APR |
| 30 Yr Fixed Conforming |
6.500% |
6.990% |
| 15 Yr Fixed Conforming |
5.875% |
6.335% |
| 30 Yr Fixed FHA |
5.625% |
6.597% |
| 30 Yr Fixed VA |
5.625% |
6.051% |
Rate Table Assumptions
- Conventional Rates shown assume a purchase transaction.
- Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
| Term |
Loan Amount |
LTV |
Points |
| 30yr Fixed |
$351,000 |
95.0% |
1 |
| 15yr Fixed |
$351,000 |
95.0% |
1 |
| 30yr Jumbo |
$750,000 |
75.0% |
1 |
| 30yr FHA |
$275,000 |
96.5% |
1 |
| 30yr VA |
$300,000 |
100.0% |
1 |
- Rates may be higher for loan amounts under $351,000. Please call for details.
- Rates are subject to change without notice.
- Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
- Subject to underwriter approval; not all applicants will be approved.
- Fees and charges apply.
- Payments do not include taxes and insurance.
- Rates based on information gathered from OptimalBlue.
- Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
- Restrictions may apply. Ask for details.
- Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
- Rates shown assume a refinance transaction.
- Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
- Rates may be higher for loan amounts under $275,000. Please call for details.
- Rates are subject to change without notice.
- Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
- Subject to underwriter approval; not all applicants will be approved.
- Fees and charges apply.
- Payments do not include taxes and insurance.
- Rates based on information gathered from OptimalBlue.
- Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
- Restrictions may apply.
- Moreira Team | MortgageRight is an Equal Opportunity Lender
What is a Fixed Rate Mortgage in Florida?
Our team will tell you that with a fixed rate, you’ll be charged the same interest rate over the whole duration of the loan. This means your monthly mortgage payments will be the same each month. Most fixed rate mortgage loan holders like this because it’s very predictable and not subject to economic ups and downs. The only problem is that if interest rates drop you will not be among those whose monthly payments will decrease.
Get your fixed rate quote. Start Here! (Dec 10th, 2024)
What is an Adjustable Rate Mortgage in Florida?
An adjustable rate mortgage, or ARM, has flexible interest rates. Lenders usually charge very low rates in the beginning of the loan and then gradually increase over time. Even so, the rate charged on your loan will drop when market rates drop. But it will also increase when the market rates increase. So you might end up paying varying amounts for each month, depending on the terms of your loan and the general real estate climate.
While Florida’s real estate market isn’t as volatile as some other states, it is certain that at one point your interest rate will change if you take out an adjustable rate mortgage loan. But a fixed rate mortgage loan will hinder you from taking advantage of low-interest rates. The best way to go about it? Talk to us, and we will give you information for both fixed rate and adjustable fixed rate mortgage in Florida.
See how much you can afford. Start Here! (Dec 10th, 2024)
