Florida Mortgage Applications

Florida Mortgage Applications Explained

Applying for a mortgage in Florida is not much different from the rest of the country. You will need to provide a lender with information about your financial background, including your outstanding debts, salary, and monthly expenses. The mortgage lender will also run a credit check on you and any potential co-signers. Most importantly, they will consider the price of the house you want to purchase and the amount of the loan.

Mortgage companies in Florida also strongly consider the location of the home and the cost of insuring it. Due to the recent hurricane activity in the south, homeowners' insurance has increased dramatically. In some cases, the cost of insurance can put a dream home out of reach for buyers.

Recently, the government established 13 Go Zone counties where buyers submitting Florida mortgage applications can get lower mortgage rates and government assistance for their home purchase. These 13 counties include Miami-Dade, Palm Beach, and St. Lucie in South Florida. To help potential home owners, Florida also offers special low interest loans opportunities to first time buyers in addition to:

• Teachers
• Police officers
• Military staff
• Firefighters
• Healthcare workers

Florida Mortgage Companies

Many of the large, national mortgage companies like GMAC Mortgage, Wells Fargo Mortgage, and Chase Home Finance offer mortgages for Florida homes. There are also several Florida-based companies that can handle Florida mortgage applications, including:

• Florida Mortgage Corporation: established in 1989 and based in Clearwater, the Florida Mortgage Corporation works with customers from all over the Sunshine State. They offer loans amortized over a fifty year period which carry a lower monthly payment and a bi-weekly adjustable rate mortgage with an intro rate as low as 1.5 percent.
• Florida Home Loan: This company offers 100 percent financing on new home purchases as well as refinancing options and home equity loans. They promise to beat any bank offer or will pay the borrower $100. Potential customers can submit their Florida mortgage application right through the company’s website.

• Florida Mortgage Group: FMG provides several types of mortgages and refinancing plans to residents of both Florida and Georgia. The company’s website features calculators, helpful mortgage-related articles, and an online application.

The Florida Housing Market

The recent lull in the housing market has forced some owners to stay put. As Florida homeowners' insurance increases and taxes rise, houses are sitting on the market longer -- despite the area previously being a fast-paced sellers' market.

With so many people eager to live in Florida, however, homeowners don’t need to panic. Instead, this could be a great time to refinance a mortgage or work on some home improvements to make your home stand out when it’s time to sell.

The good news for Florida homeowners is that the rest of the country is experiencing the same thing. The laid-back lifestyle, sunny beaches, and lack of personal income tax still make Florida an attractive destination for relocating.

Conclusions

With so many financing options available for homeowners and relatively low interest rates, this is still a great time to buy a home, especially in Florida. The market’s pace may mean that you get a little less for a house that you are selling, but getting closer to the home of your dreams may be worth it.