Best Mortgage Lenders in Florida
If you’re hoping to buy a home in Florida, you’ll have to deal with the current cloud hanging over The Sunshine State: a lack of home inventory. Single-family home listings are at their lowest since Florida realtors began tracking supply in 2008, according to the Association of State Real Estate Agents. That pushed prices higher, with the median price of single-family homes hitting $ 314,900 in March, a 16.6% increase from the same period last year.
This surge in prices makes people compare florida payday loans without checks more important than ever. Here are some of the state’s top lenders who have achieved high Bankrate ratings and positive borrower reviews.
To determine the best mortgage lenders by state, Bankrate assessed lenders based on several criteria, including affordability (APR and fees); timeliness (approval and closing times); and experience (including customer service). In general, the best mortgage lenders have a high bank rate score and high ratings from borrowers.
The Best Mortgage Lenders in Florida
With a Bankrate score of 4.9 out of 5, Better.com is one of the top mortgage lenders, provided you are looking for a conventional or FHA loan; the lender does not offer VA or USDA loans at this time. Better can afford to offer some of the most competitive rates due to low overhead costs – it has no branches. In addition to the low rates, the lender does not charge a fee for your application or a set-up fee, which they claim saves borrowers around $ 3,500.
First direct mortgage
You won’t pay any setup fees with First Mortgage Direct, the online lending division of First Mortgage Solutions, or any other hidden fees. The lender also prides itself on doing business the same, every day of the week – there aren’t any special limited-time offers that might force you to act faster than you’d like. Depending on the lender, you will usually get a response from a loan officer with a prequalification within 24 hours, and most borrowers close within 30 days.
Operated by Sun West Mortgage, LowRates.com is distinguished by its rates, scope of loan options and timing. The lender offers a variety of loan types, from conventional and government insured loans to construction and renovation loans; offers 20-day closings, which is significantly faster than most closings, and approval within 24 hours. While the experience of LowRates borrowers is primarily internet based, Sun West Mortgage has three branches in Florida, Miami, St. Augustine, and St. Petersburg, if you’re looking for in-person assistance.
Federal Navy Credit Union
For service members and their families, the Navy Federal Credit Union is a leader. If you are eligible to become a member, you will not benefit from any loan processing fees, subscription fees, or cash back options to use real estate services and credit union lending options that are not available. no down payment or mortgage insurance. You can also take advantage of additional options for your daily banking needs, including access to ATMs at no additional cost at places like 7-Eleven and Publix. The credit union also has a branch presence in parts of the Sunshine State.
You’ve probably heard of Rocket Mortgage, the affiliate brand of Quicken Loans. The lender shelled out a lot of money to advertise during the Super Bowl, and it paid off with many customers who were happy with their experience: Rocket Mortgage earns 4.9 out of 5 based on over 2,100 reviews borrowers. A strong point: you do not have to take out a traditional 30-year mortgage loan, thanks to the “YOUR mortgage” product from the lender. Instead, you can choose a term between eight and 29 years.
Wyndham Capital Mortgage
Experiencing a delay in closing your mortgage can be stressful, but Wyndham Capital Mortgage reassures you that you won’t run into that hurdle: a $ 10,000 limited guarantee that your loan will close on time. Wyndham also offers other amenities, such as automated on-demand pre-approvals and absolutely no lender fees or “unnecessary fees” to factor into your closing costs. The lender offers several options for every Florida borrower, including FHA loans for first-time homebuyers and refinancing options for homeowners.
Florida complies with loan limits
Before you start looking for a home, you need to have a solid understanding of your price. It’s not just a budget issue either.
Depending on the type of loan you are using to purchase your home, it may be subject to loan limit compliance. If it is a conventional mortgage, the amount is capped at $ 548,250, which is the limit imposed by the Federal Housing Finance Agency in 2021. If your loan is guaranteed by the FHA, the limits loan amounts are different and in some areas can be surprisingly higher. For example, in Monroe County, where Key West is located, the FHA limit for 2021 is $ 608,350. In most places in Florida, however, you’ll need to meet the FHA’s standard limit this year of $ 356,362.
View the Bankrate County by County List comply with Florida loan limits to see what applies to you.
Florida First-Time Home Buyers Programs
Buying your first home can be especially daunting, but you may be able to get extra help alleviating your concerns with Florida Housing, the state’s housing finance authority. The organization works with lenders to offer a range of programs that can help you secure competitive rates on 30-year loans, pay less for mortgage insurance, and access cash to cover down payments and down payments. closing costs.
To take advantage of any of Florida Housing’s offerings, you will need to meet income and purchase price requirements and complete a homebuyer training course. You can find out more about Florida First-Time Home Buyers Programs here.
Tips for getting the best mortgage rate
Mortgage rates may seem similar at first glance. What’s the difference between 3.5% and 3.7%, you might ask? A lot. Over a 30-year period, even small changes in your rate can have a significant impact on the total interest paid.
However, this is not just the rate advertised by the lender. You can make all the difference get the best mortgage rate improving your credit score, saving more for a down payment, and working hard compare the offers of a few different lenders. This can help you get the cheapest option based on your credit and financial situation.