Mortgage Basics in Florida
If you are planning to buy a home in Florida, you may most probably need a mortgage for financial assistance. It’s not difficult getting a mortgage in Florida as there are so many mortgage lenders to help you out.
There are many institutions and lenders offering different types of mortgage loans. For example, you have mortgage loans with fixed or adjustable interest rates. The difference between the two is that fixed rate mortgages carry the same interest for the entire repayment scheme while the adjustable interest rate mortgages come with periodically changing interest rates. Both have their pros and cons which you have to know to be able to make a choice based on your mortgage requirements.
Then there are government insured and conventional loans, where the conventional loans have no government or federal backing. This is the reason they usually come with high-interest rates. There are also three main types of government insured loans in Florida like FHA, VA and RHS loans with their respective rules, benefits, and disadvantages.
There are also two types of mortgages to know, which depend on the amount of money you plan to borrow. They are called conforming and jumbo loans, where conforming loans follow the guidelines of the two government-controlled corporations, Fannie Mae and Freddie Mac, and jumbo loans are meant for loans exceeding Fannie Mae and Freddie Mac limits.
With so many different types of mortgage loans available, picking the right one for you is next to impossible without knowing the mortgage basics in Florida. If your busy schedule doesn’t allow time to get up to speed on the many rules and regulations involved, we here at Moreira Team completely understand.
Let us help you weed through the options, using our experience and knowledge to explain the individual benefits and disadvantage about the various types of mortgages available in Florida. Together, we’ll make the loan application process, and your choice, easier.
Florida County Mortgage Service Areas