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Akali D. Dennie

Choosing A Florida Mortgage - Arm Yourself With Current Mortgage Rates

Saturday, June 12, 2010 - Article by: Akali D. Dennie - MORTGAGE BANKERS NATIONWIDE - Message

Choosing A Florida Mortgage - Arm Yourself with Current Mortgage Rates: If you live in Florida, or are planning to move to Florida, and thinking of buying a home, then you might want to learn about what it takes to be approved for a Florida Mortgage . Since the market is very competitive, it's a good place for those looking to purchase, refinance, or sell a home in Florida.

Note that while the rates listed below are accurate as of June 2010, they are subject to change without notice. Different types of mortgages are available, like Fixed Rate, Adjustable Rate, FHA, Reverse Mortgage, First Time Home Owner, Jumbo, Conforming, USDA, and Condo financing all with credit scores from 620.

Two most popular Florida mortgage types are Fixed and Adjustable Rate. Fixed Rate means that the interest rate will stay the same until over the life of the loan. This is a great mortgage program because the interest rate will remain unaffected by any market conditions that may appear.

Adjustable Rate mortgage (ARM), has an interest rate that varies after each review. A Florida mortgage that is an ARM can offer terms such as 3/1, 5/1, or 7/1.

Let's assume that you are interested in a 5/1 arm mortgage; The first figure in the ratio, 5, means that the first review of the adjustable rate mortgage will be held 5 years after the mortgage was taken out.
The 1 in 5/1 means that the mortgage will "adjust or change" every 1 year after the initial 5 year period. The same rule applies to all terms that might be offered to you in adjustable rate mortgages.

The June 2010 mortgage rates for Florida are:

3/1: 3.375% APR: 3.53%
5/1: 3.50% APR: 3.76%
7/1: 3.875% APR: 4.09%

10 years: 4.25% APR: 4.43%
15 years: 4.25% APR: 4.47%
20 years: 4.625% APR: 4.79%
30 years: 4.75% APR: 4.93%

Before making any decision as to what kind of mortgage might suit you the best, it would be a good idea to review current mortgage interest rates in Florida. Be aware that interest rates change daily and you should take advantage of the current mortgage interest rates being offered at historic lows. The ultimate interest rate you will receive will depend on the type of mortgage; fixed rate, or adjustable rate.

The Florida mortgage market is highly competitive and this makes it beneficial for people thinking of purchasing,refinancing, selling a home in Florida. Remember to fully investigate current mortgage interest rates before deciding anything. We are Nationwide Direct Lenders and can provide you with a FREE, No Obligation Quote.

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