There is the opportunity of a lifetime in the Florida real estate market at the present time. With an unbelievably low interest rate, far below prime, there are many different types of loans available. It gives everyone the opportunity to take advantage of this once in a lifetime chance to obtain a home at a payment that is less then rent and have his or her very own home.
Currently, there are a large number of Florida mortgage loans available to purchase homes in this area. There are FHA, FA, banks and other lenders who have programs available to fit any prospective home buyer. It is possible to obtain a fixed rate mortgage or an adjustable rate mortgage.
While the adjustable FL mortgage offers better rates at the current time, one should remember that when interest rates go up so does the interest on the mortgage. This means the payments can increase with no recourse to the borrower. With a fixed rate mortgage, the payment and interest will remain the same to the end of the loan.
As with any loan, the borrower must be qualified to show they are responsible and can make the payments. A credit check will be conducted so one should have a good record of paying their bills. In addition, if there ever was a bankruptcy involved there are certain restrictions depending on the circumstances and how long ago it was.
A good employment record and show of income is another requirement. In most cases, the amount of the house payment should not be more than 30% of one’s income. This is to make sure one does not have financial problems with other obligations that would affect the loan payment.
Information regarding loans, rates and other information can be obtained from a Florida mortgage broker, lender, bank or Federal agencies. Any one at these facilities can give full details regarding the current interest rate, closing costs or fees, type of loans and so forth. One can also look on the Internet and obtain some information.
Florida is a fantastic place to live. The access to its many beautiful beaches and its ideal weather makes it a very attractive place to spend one’s life. If children are involved, there are excellent educational facilities available from kindergarten through college. With a number of large cities, as well as open country, one has the opportunity to live in either location.
The opportunity for personal recreation is excellent, with swimming, surfing, fishing and other types of facilities. There is something for every age and interest. The current Florida real estate market is a chance that will never come again for a person to own a home in an ideal location that cannot be matched anywhere else in the world. The current price of homes and low interest rate make it possible for anyone to own the home of their dreams and no longer be obligated to pay rent. Many times the loan payment is less than the rent one is currently paying, offering an opportunity to have a home that is dream come true.