If you are hoping to buy a home in Florida, you have to grapple with the current cloud over the Sunshine State: a shortage of home inventory. Single-family homes have been the lowest since Florida Realtors began tracking the supply in 2008 State Association of Brokers. This has pushed prices up. The median price for single family homes reached $ 314,900 in March, up 16.6 percent from the same period last year.
This price hike makes the comparison Florida Mortgage Lender more important than ever. Here are some of the best lenders in the state that have received high marks from Bankrate and positive feedback from borrowers.
To determine the best mortgage lenders by state, Bankrate rated the lenders on a number of criteria, including affordability (APR and fees). Expediency (approval and closing times); and experience (including customer service support). In general, the best mortgage lenders have high bankrate scores and high ratings from borrowers.
Best Mortgage Lender in Florida
With a Bankrate Score of 4.9 out of 5, Better.com is one of the best mortgage lenders out there, assuming you’re looking for a conventional or FHA loan. The lender does not currently offer VA or USDA loans. Better can afford to offer some of the most competitive tariffs due to the low overhead – there are no branch offices. In addition to the low interest rates, the lender doesn’t charge any fees for your application or an origination fee, which is estimated to save borrowers about $ 3,500.
With First Mortgage Direct, First Mortgage Solutions’ online lending department, or other hidden fees, you don’t pay an origination fee. The lender also prides itself on doing business the same way every day of the week: there are no limited time specials to force you to act faster than you’d like. According to the lender, you will usually also receive feedback from a loan officer with a prequalification within 24 hours. Most borrowers close within 30 days.
LowRates.com is operated by Sun West Mortgage and is characterized by interest rates, 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 LowRates borrower experience is primarily online, Sun West Mortgage has three offices in Florida, Miami, St. Augustine, and St. Petersburg if you are looking for personal assistance.
For members of the military and their families, the Navy Federal Credit Union is a front runner. When you qualify as a member, you will receive no loan processing or underwriting fees, as well as cashback options to use the credit union’s real estate services and loan options that do not require down payment or mortgage insurance. You can also take advantage of additional options for your daily banking needs, including free access to ATMs at locations like 7-Eleven and Publix. The credit union also operates in certain areas of the Sunshine State.
You’ve probably heard of Rocket Mortgage, the brand associated with Quicken Loans. The lender spent a lot of money on advertising during the Super Bowl, and that paid off for many customers who were happy with their experience: Rocket Mortgage earned 4.9 out of 5 based on 2,100+ borrower reviews. A highlight: Thanks to the lender’s “YOURgage” product, you don’t have to take out a traditional 30-year mortgage. Instead, you can choose a term between eight and 29 years.
Running into a delay in closing your mortgage can be stressful, but Wyndham Capital Mortgage offers the reassurance that you will not overcome the hurdle: a limited $ 10,000 guarantee that your loan will close on time. Wyndham also offers other conveniences such as automated pre-approvals on demand and absolutely no lender fees or “unnecessary fees” to take into account your closing costs. The lender offers a variety of options to every Florida borrower, including FHA loans for first time buyers and refinancing options for homeowners.
Florida Compliant Credit Limits
Before you even go out looking for a home, you should have a solid understanding of its price. It’s not just about your budget either.
It can depend on the type of loan you are using to buy your home compliant credit limits. If it is a conventional mortgage, the amount is capped at $ 548,250. This is the limit set by the Federal Housing Finance Agency in 2021. If your loan is covered by the FHA, the credit limits will vary and in some areas they may be surprisingly higher. For example, in Monroe County, home of Key West, the FHA limit for 2021 is $ 608,350. Most Florida locations, however, require you to meet the FHA’s standard limit of $ 356,362 this year.
Take a look at Bankrate’s listing by county compliant credit limits in Florida to see what applies to you.
First-time buyer programs in Florida
Buying your first home can be especially daunting, but you may qualify for additional help to ease your worries from Florida Housing, the state’s housing finance agency. The organization works with lenders to offer a range of programs that will allow you to set competitive interest rates on 30 year loans, pay less for mortgage insurance, and get access to cash to cover down payment and closing costs.
To take advantage of Florida Housing’s offerings, you must meet income and purchase price requirements and complete a homebuyer training course. You can learn more about it First-time buyer programs in Florida Here.
Tips to Get the Best Mortgage Rate
Mortgage rates may look similar at first glance. What is the difference between 3.5 percent and 3.7 percent? Much. Over the course of 30 years, even minor variations in your interest rate can have a significant impact on the total amount of interest paid.
However, it’s not just about the interest rate advertised by the lender. You can make the difference in get the best mortgage rate By improving your credit score, saving more for a down payment, and getting the job done Compare the offers of several different lenders. This can help ensure that you get the most cost effective option based on your credit and financial situation.