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Buying a home in Florida
According to Zillow, the typical home value in Florida is a little higher than the typical value of $356,026 across the US. The typical home value in Florida is $405,489, and home values have increased 30.5% over the past year.
Historic mortgage rates for Florida
By looking at the average mortgage rates in Florida since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:
Seeing how today’s rates compare to historic Florida mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.
Mortgage calculator
Use our free mortgage calculator to see how today’s Florida mortgage rates will impact your monthly payments.
Click on “More details” to understand how various rates could affect your long-term finances.
Florida first-time homebuyer programs
The Florida Housing Finance Corporation offers a few types of financial assistance:
Down Payment Assistance Program: If you get a mortgage through a participating lender, you can borrow money from the FHFC for a down payment.Mortgage Credit Certificate Program: Claim up to 50% of your paid interest on your federal taxes each year.Salute Our Soldiers Military Loan Program: If you’re an active-duty service member or veteran, you can get a discounted rate on a 30-year mortgage. The FHFC will also give you up to $10,000 for a down payment and closing costs.Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.
Refinancing your mortgage in Florida
Because mortgage rates are at all-time lows, it might be a good idea to refinance into a lower rate.
You don’t necessarily need to refinance with the same lender you used for your initial mortgage. A different company may offer you a better deal this time around. Find a lender that will offer the best rate based on your credit score and debt-to-income ratio, and one that charges relatively low fees.
How to get a low interest rate on your mortgage
Here are some tips for landing a good interest rate on your mortgage:
Save for a down payment. With a conventional loan, you may be able to put down as little as 3%. But the higher your down payment, the lower your rate will likely be. Rates should stay low for a while, so you probably have time to save more.Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But the higher your score, the better your rate will be. To improve your credit score, be sure to pay all your bills on time. You can also pay down debts or let your credit age.Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less, but an even lower DTI can result in a better rate. To improve your DTI, pay down debts or consider opportunities to increase your income.Choose a federally backed mortgage. If you’re qualified, you might think about a USDA loan (for low-to-moderate income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. As a bonus, you won’t need a down payment for USDA or VA loans.
Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.
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