Florida Mortgage Information

 

Florida Mortgage Information

Currently there are many type of 'hot' mortgages in Florida. Loan programs that are creating a lot of talk in the Florida marketing include Interest only loans and Adjustable Rate Mortgages or (ARMS).

Interest Only Loans

Interest only loans are popular in Florida for investors or individuals that are looking at their property on as a shorter term investment. By Definition an interest only loan is a "A non-amortized loan where interest is due at regular intervals until maturity, when the full principal on the loan is due". In other words when you take out an interest only loan you are only paying the interest due and the total amount borrowed is due at the end of the loan.

Adjustable Rate Mortgages (ARMS)

A mortgage that permits the lender to adjust its interest rate periodically on the basis of changes in a specified index.

The Definition of Mortgage

A mortgage is simply a secured loan on property or land. By the nature of the mortgage market place the types of mortgage available are numerous, where the industry has had to adapt to the needs of customers to ensure that there is a mortgage to suit everybody.
 

There are many types of mortgages available to Florida residents. Traditionally the most popular types of mortgages were 15 and 30 year fixed interest mortgages. However, as the economic climate in Florida has changed in the past years, so has the availability of flexible mortgage products, such as adjustable rate and interest only mortgages. Perhaps the most innovative and popular new mortgage is the “Pay Option Mortgage”. This mortgage gives the client the opportunity to choose from 4 different payment options. This type of flexible payment has become very popular in Florida and across the nation.

Mortgage Amortization Calculator Tool

Click here to use our mortgage amortization calculator setup just for Floridians. Our mortgage calculator has been designed to allow you to calculate your expected mortgage payments. Keep in mind this tool should be used as a gage and actual monthly payments will differ based on Property Insurance and Taxes.