Florida Mortgage

October 26, 2010US Mortgageby EconomyWatch

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Florida Mortgage - The importance of the housing market in Florida is congruously affected by the growing mortgage business in the state presently. This active mortgage business has led to a greater fluctuation in the housing rates from one state to another and from one area to another. The statistics given by the Florida Association of the Realtors shows a variation in the housing rates across the state. The median sales price for a single-family having home in the Fort Myers area was $246,600, in Pensacola was just $146,100, in Naples, it was $430,800.

Mortgage Types In Florida

Various types of mortgages used in the state are conventional mortgages, conforming mortgages, non-conforming mortgages, residential mortgages, FHA mortgages, fixed rate mortgages, adjustable rate mortgages, construction mortgages, Purchases and remodel mortgages, commercial mortgages and portfolio mortgages.

Mortgage Rates In Florida

It is one of the most important areas of concern where there exists high competition among the lenders and high bargain with the needed person. The competitiveness in the mortgage market has led to the best mortgage solution in the state. Different mortgage lenders compete with each other to provide at a lower rate. The rate generally depends upon various cases, which are as follows:

 

  • Case of purchasing a new home,
  • Case of refinancing the present home,
  • Case for looking a home equity loan

    The following table gives a clear picture on various rates on the mortgages in the state.

    Fixed (Years) Rates 10 Year Fixed 5.81% 15 Year Fixed 5.78% 20 Year Fixed 6.09% 30 Year Fixed 6.08% Adjustable Rates 1/1 Adjustable 3.50% 3/1 Adjustable 5.75% 5/1 Adjustable 6.00% 7/1 Adjustable 6.15% 10/1 Adjustable 6.25% Mortgage Regulation In Florida

    The mortgage lenders and mortgage brokers in Florida comes under the guidelines of the office of Financial regulation under the department of the financial services. The department of financial services generally deals with the licensed brokers, brokerage businesses and the lenders.

    Florida Association of Mortgage Brokers (FAMB):
    It is one the oldest mortgage broker founded in the year 1960. It has its own 50,000 mortgage industry professionals.

    FAMB Headquarters

  • Mailing Address:
    P.O. Box 6477
    Tallahassee, FL 32314-6477
    1292 Cedar Center Drive
    Tallahassee, FL 32301
  • Toll Free Number: (800) 289-9983
    or (850) 942-6411
    Fax: (850) 942-4654
    E-mail: hq@famb.org

     

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