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Weekly Mortgage News & Stories - Florida Mortgage Rates FAQs

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Latest Florida mortgage news

Stay up-to-date on what is happening in the real estate world and the latest home loan news in Florida.
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5 Tips For First-time Homebuyers

Educational video about 5 Tips For First-time Homebuyers, to help them to find the right home.
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How To Save Money By Refinancing A Mortgage

Refinancing means getting another mortgage to pay off your current one. With the new mortgage, you’ll be able to change the terms into something more favorable to you.
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Differences Between USDA And FHA Mortgage Loans

The USDA and FHA loans are very good options for both low-income and first-time homebuyers. Each of them has its own advantages and disadvantages and is often oriented to different customer populations.
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What is home equity and how to build it

Home equity is a very important term in homeownership and it can increase if the value of your property increases or the more you pay your home loan balance.
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Which type of mortgage is right for me

When deciding which type of mortgage to get, you'll be faced with a lot of things to consider. You need to compare costs, interests, taxes, down payments, eligibility, and other factors.
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The 4 Main Types Of Home Mortgages

Educational video about the 4 main types of home mortgages.
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FLORIDA MORTGAGE RATES frequently asked questions 

Buying a home is a big step in the life of a person. Understanding every document and stage of the home-buying process is important if you want to make the experience a little easier. Ebenezer Mortgage Solutions is always ready to help. Here are some questions that our customers ask when it comes to mortgage rates. If you don't find the answers you require, or if you need more details, make sure you contact us and ask your questions.
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Are mortgage rates different between primary homes and rental properties?

Yes. Mortgage rates on primary homes tend to be 1% lower than rental properties. Lenders usually charge more for a property that an owner doesn't plan to live in. Why? If your financial situation goes wrong, you are more likely to save your home where you and your family live—the rest of the properties usually come second. There is less risk attributed to primary homes thus the lower mortgage rates.

Are mortgage rates the same for every state?

No. Mortgage rate varies due to several key factors, and one of those is the loan sizes. The bigger the loan size the lower the mortgage rate a lender may offer since part of what they earn is based on the loan size. So, for example, in New York where the median home prices are much higher than in Florida, then you are going to find lower mortgage rates.

Should you get an adjustable-rate mortgage?

Adjustable rates tend to be uncertain on how much their mortgage payments can fluctuate when the teaser rate expires. That is why most borrowers with fixed income avoid them. However, you may find borrowers willing to play that game. They understand the risks involved and have the certainty that they will pay off the total of the mortgage loan, or they will sell the owned property before the rates start to adjust.

How to prepare yourself to get the best mortgage rate on a home loan?

Since the credit score is the most important factor in determining your mortgage rate, be sure to have your credit card balances down to no more than 35% of your credit limit—at least 30 days before applying for a home loan. It also helps to obtain a personal copy of your credit report from all three credit bureaus to ensure that there are no errors in your report such as collection accounts. As long as your credit score is over 740, you are good to go since lenders typically offer the same rate to borrowers with a credit score of 740 plus.

Is your monthly loan payment obtained from the mortgage rate only?

In many cases, your monthly mortgage payment comes from several factors, not just the mortgage rates. If you are putting less than 20% down payment on a conventional mortgage, your monthly payment is significantly affected by your mortgage insurance premium. If you look at two borrowers with the same mortgage rate, they could have significantly different mortgage interest just because of their credit scores. The lower the credit score the higher the mortgage insurance and thus the higher your monthly loan payment.

Can closing costs become part of the mortgage payment when buying a home?

Closing costs can only be rolled into the loan when refinancing a mortgage. When purchasing a home, you can either convince the seller to cover closing costs as a seller concession. If you are working with a lender or broker that has a lower cost, you can look at rate options that provide lender credit to cover all or part of the closing costs. If none of the stated options work, then you will have to pay for the closing costs out of pocket.

Are mortgage rates for single-family homes the same as condos?

Mortgage rates for condos in Florida are usually higher than those for single-family homes. Mortgage loans for single-family homes tend to be easier to qualify for since they have fewer restrictions compared to a condo. Condos, in addition to the usual requirements, need HOA approval, a review of condo bylaws, HOA master insurance, and occupancy ratios, and more.

Do loan terms affect mortgage rates?

Yes, mortgage rates vary by loan terms. The lower the term, the lower the rate. If you look at a 15-year mortgage, it has a much lower rate than a 30-year mortgage. That is because the borrower has to pay more mortgage each month and the debt will be paid faster, which makes the mortgage loan a less risky operation.

What mortgage programs have the lowest rate?

VA loans, where the borrower is exempt from the VA funding fee due to a disability, are the lowest mortgage rates you can find. But this program is for military-related personnel only. If you are not qualified for a VA loan, you can opt for conventional mortgage loans, which offer the lowest mortgage rates when the homebuyer settles a 40% down payment.

Are Florida mortgage rates different by county?

It would be illegal to discriminate against borrowers based on the county they live in. So, no, mortgage rates are the same for all counties in Florida. However, keep in mind that mortgage rates are predominantly based on credit scores, loan amounts, down payment, the type of mortgage loan. How you're going to use the house you'll purchase also influences your rate, as investment property rates tend to be higher compared to single-family homes or condos. Mortgage lenders with higher mortgage rates usually speak for their profit and not the county.

What are the current mortgage rates?

Mortgage rates can change several times daily. They vary significantly from lender to lender, even banks, based on their profit margins. Usually, you are going to find lower rates with small-scale mortgage lenders or mortgage brokers. This is primarily due to their lower overhead and cost of acquisition on a loan. In other words, it would be best to compare rates from different lenders on the same day.
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