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Buying a New Home in Florida?
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Florida Home Loans – Which loan type is right for you?
As a local Florida home mortgage lender, 1st Florida Mortgage has the flexibility to underwrite loans quickly, make faster decisions and close on time. It’s this flexibility and efficiency that is unavailable to traditional mortgage brokers as we control the transaction from application to funding. As consummate mortgage professionals, every 1st Florida Mortgage employee from the top down is committed to providing excellent customer service throughout the entire loan process. Low rates, low fees, fast closings and superior customer service is our mission statement.
Close Your Loan in as little as 20 Days!
CONVENTIONAL FIXED RATE LOANS IN FLORIDA
Florida fixed rate mortgage loans are the standard loan type for the majority of home financing, and are available in a variety of terms from 10 to 30 years. This loan type offers a consistent or “fixed” principal and interest payment throughout the life of the loan. Standard fixed rate terms are: 10, 15, 20, 25 or 30 years, although 15 and 30 are the most common. By choosing a shorter fixed rate option, you can realize a substantial savings in interest over the life of the loan.
CONVENTIONAL ADJUSTABLE RATE LOANS
Less Popular and typically used when the fixed rates are higher, adjustable rate mortgages (arms) are a great fit for home buyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible mortgage rate available. Adjustable rate mortgages are fixed for an initial period. After that, the interest rate will either go up, or down depending on market conditions of the index for the particular loan. All adjustable rate mortgages do have a max cap adjustment.