Finding the right mortgage can seem like an impossible task, especially if you’re new to the experience. From rates to fees, and terms to payment schedules, it can be hard to know where to start. While there are many factors to consider, eHomeMortgages is here to help you compare mortgage lenders in Florida to find the best rate possible, making finding the right mortgage for you that much easier.
Fixed Rate Mortgages in Florida
Fixed rate mortgages have always been a popular choice. Despite having a slightly higher interest rate than some other options, fixed rate mortgages are considered to be worth the price because of the stability they provide. Throughout a negotiated term, the interest rate in a fixed rate mortgage will stay the same. This means regardless of how the housing market is doing, consumers have the peace of mind that their payments will not change.
Adjustable Rate Mortgages in Florida
Adjustable rate mortgages are the opposite of fixed rate mortgages. This type of interest rate is best suited for consumers who do not need to adhere to a strict budget and who can handle small amounts of risk. Because the adjustable interest rate is partially based off of prime rate, your total interest rate may fluctuate depending on how the economy and housing market are performing. When choosing an adjustable rate mortgage, it is important to know how your regularly scheduled payments will be affected if your rate changes. Some mortgage lenders will let your payment stay the same throughout your term, choosing to adjust your new payment upon renewal. Other lenders prefer to adjust your payment as the adjustable rate changes; if this is going to be the case, it is important to ensure that your budget can handle payment fluctuations.
Other Mortgage Features in Florida
In Florida there are many other mortgage features to consider once you have determined what type of rate works best for you. No two mortgage lenders are the same, so it is important to not assume that every mortgage offers the same benefits. Consider these following points:
- Can you change your mortgage payment frequency if you need to?
- Are you able to make payments monthly, semi-monthly, bi-weekly, weekly, or on an accelerated schedule?
- Can you make lump sum payments on your mortgage? If so, is there a limit or a penalty?
- Are you able to skip a mortgage payment? How often is this allowed and what are the effects of doing so?
Not all of these features will be important to everyone, but chances are there’s at least one item on that list that has piqued your interest. Don’t hesitate to ask questions; after all, this is your mortgage!
How to Choose the Right Mortgage for You in Florida
Now that you have all this information, where do you start? By filling out our online form we can provide you with a list of the mortgage lenders in Florida with the best rates. From here, you can contact your top choices to see if they offer the benefits that are most important to you. With just a few minutes of your time you’ll be well on your way to getting your mortgage and purchasing your new home!