1st Florida Mortgage understands the importance of finding the right mortgage for you. We offer various VA, conventional, and FHA loans Florida fixed and adjustable mortgages to ensure that you can find the best fit for your current financial situation. Both options have benefits, so scroll down to learn more and see which might be right for you!
Fixed-Rate Mortgage
With a fixed-rate mortgage, your interest rate will never change. This can offer peace of mind, knowing that your mortgage payment will always stay the same regardless of the market. This type of loan is best for those on a tight budget or who want to avoid any potential interest rate hikes down the road.
Adjustable-Rate Mortgage:
An adjustable-rate mortgage, or ARM, has an interest rate that can change over time. This can be beneficial if interest rates are low when you first take out your mortgage, as it gives you the potential to save money down the road.
Rate Of Interest Determination
The essential factor in determining your mortgage rate is your credit score. The higher your credit score, the lower your interest rate will be.
Other considerable factors that can affect your interest rate include:
The type of mortgage you choose.
The term length of your loan.
The size of your down payment.
Financial And Personal Factors
Age: If you're younger, you may be able to get a lower interest rate because lenders view you as a lower risk.
Income: A higher income can help you qualify for a larger loan and may lead to a lower interest rate.
Risk Bearing Capacity: Mortgage lenders in Florida will also look at your debt-to-income ratio and your employment history to determine how much of a risk you are.
1st Florida Mortgage offers you the best of both worlds regarding your mortgage- fixed and adjustable rates! Choose what works reasonably for you and your current financial situation, and enjoy peace of mind and potential savings down the road. Contact us today to learn more!