Current Florida mortgage interest rates on home loans.

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Mortgage Interest Rates

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No cost loans may or may NOT be right for you.

Current Florida mortgage rates of interest and the nation's fluctuate daily and sometimes hourly. Many factors can affect the market. The 10 year treasury yield is what we watch on an ongoing basis to get a feel for where current mortgage interest rates in Florida and in general are headed. Interest percentages can be manipulated up or down with the use of "points" or "rebates". Our loan calculators will show payment differences.

POINTS are "prepaid interest" that are paid upfront at the time of closing either in cash or financed into the loan amount. By paying "points", you reduce the note rate for the entire term of the loan. Example: If the current mortgage rate for Florida is 6% interest on a 30 year fixed, you could "buy it down" to say 5.75% for about .75% or 3/4 points. A point is 1% of the loan amount. In this example, it would be a good idea to "buy down" the rate IF the borrower plans on keeping the loan for more than 3 years. 1/4% buy-down x 3 years = 3/4%. The amount paid for the buy-down. The 3 year period is called the "pay back period" or the amount of time it takes to re-pay yourself the investment of the buy-down monies. Points are NOT a standard and customary loan fee or closing cost. Points are a "yield maintenance vehicle" on the loan.

Florida interest mortgage rates are currently promoted to help educate the home buying and owning public as to how current interest mortgage rates in Florida and nationally are set. If you have any questions please call us at 1-800-938-3668

REBATES are when a lender pays back "points" to the borrower in exchange for accepting a higher interest than the par current Florida mortgage rates. This money is usually used by the borrower to pay for all or part of their standard and customary loan costs. This is how the "No Cost Loans" and "reduced cost loans" can be made.

STANDARD AND CUSTOMARY FEES are applicable to home loans. Many lenders and brokers will mislead prospective borrowers through advertising that implies otherwise. See the short article below that was written for a local Realtor publication.

ABOUT NO COST LOANS

The term can be a little misleading.
Here's the facts about "No Cost" loans.

   Certain services are required on ALL home loans. They include but are not limited to title search / insurance services, recording of documents, closing agents, preparation of loan documents, originating / processing the loan file and so on. Of course we must assume that none of these service providers work for free. These fees can be paid by one of 3 methods.

1) Take a market rate and finance the fees into the loan amount on refinances.

2) Pay cash at closing. (Seller may contribute on purchases).

3) Accept a higher rate, get a rebate and eliminate some or all of the fees involved.   A "NO COST" loan.

   Important to note. By taking a "No Cost" loan you have a higher rate thus a higher payment. There are circumstances where a "no cost" loan is appropriate. If you plan on keeping the loan for less than a few years on average, the higher interest rate and payment could still save money over the loan fees. If you plan on keeping the home loan for a longer term, a "no cost" loan usually COSTS MORE over time due to higher payments than if you had just financed in your customary fees at the start at a lower rate.

The bottom line is nothing is free. All the ads you see and hear on the internet, TV and radio never tell the whole story.
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