Looking to Invest? Look to Florida
03/12/2007

The home loan market in Florida is one of the most competitive in America, and this can present you the buyer with some great advantages. 1st be sure that you speak to a number of brokers. This will ensure that you receive the lowest loan rates possible.

Suggestions of a slowing economy is causing interest rates to lower, which is good news for perspective buyers. Interest rates have fallen for the second consecutive week with the 30-year fixed rate home loan averaged at just 6.18% down from 6.22% a year ago. The preferred 15 year fixed rate home loan is at 5.92% which has remained static within the last year.

If you have a good income and good credit rating you could be loaned 100 per cent of the purchase price of your home, however you will need to note that the lender will charge above market rate. It is also likely that they will require private mortgage insurance and monthly repayments that cover the first 20% of the mortgage. However this could be a risky choice particularly if the housing market remains static over the coming year. Saving enough money for a down payment can reduce the burden of the additional 20% insurance cost and will also give you the chance of securing the most competitive rate. It is strongly suggested that you secure your mortgage before start looking for a home. This will allow you to know exactly what price range you can afford.

Looking to invest in Florida, the time is right now. Prices have stabilized and although brokers are being a little conservative on high risk investors as long as you can provide a sound background you can make a sound investment now for the future. It’s now a buyer market, take advantage now.

Back to Latest News