Florida Conventional Mortgage
There are times when taking out a conventional mortgage in Florida is the best way to go. In fact, contrary to what you may think, conventional loans are not that expensive. Just make sure you get your timing right, and you will land yourself a mortgage deal that is far much better than any government-backed loan. If you need to know whether now is a good time to apply for a conventional loan talk to us today and we will help you decide. Our staff at Moreira Team has all the latest rates for a Florida conventional mortgage for your consideration, so be sure to ask before you leave.
One popular belief among homebuyers is that Florida is only ideal for the wealthy. Sure if you compare the state’s median interest rates on conventional loans with the national average you will find that the latter is lower. But there’s a logical explanation. A good number of Florida residents live in beachfront and high rise properties located in high-cost areas like Miami. Funding the purchase of such a home usually requires jumbo loans, which naturally attract higher interest rates. And that is what pushes Florida’s median interest rates up.
But that is misleading because there are certain neighborhoods where you can get a very great house with a conforming conventional loan. While the national median home value is pegged at $173,200, places like Cape Coral-Fort Meyers, Jacksonville, and Gainesville have much lower medians at $87,600, $145,900 and $167,600 respectively.
The good thing is that lenders are more than willing to fund homebuyers with conventional mortgages. And with Florida enjoying low historical interest rates, conventional mortgages have never looked so good. But make sure you get a comprehensive opinion from our Florida real estate experts. Give us a call today.
Florida City Mortgage Service Areas