Best Mortgage Lenders in Florida – There are many reasons why borrowers choose to work with an established lender or mortgage professional. First and foremost, they trust that the lender will be reliable and provide quality guidance throughout the loan process. They know that the lender has a fantastic track record of performance and is successfully providing the best possible experience for their customers. Borrowers enjoy receiving the lowest mortgage rates and closing costs.
Additionally, borrowers appreciate the fact that the lender takes the time to understand their individual needs and provides personalized care throughout the loan journey. And finally, borrowers are preferring the lender’s brand recognition and reputation for excellence. All of these factors combine to create a strong relationship between borrower and lender that is the outcome of trust and mutual respect.
With these reasons in mind, mortgage lenders and mortgage brokers like Reliance Financial, Veterans United, and Loan Direct stand out, because their customers can enjoy the convenience of submitting their applications online, receive great rates, and enjoy high-quality service.
Why move to Florida?
The Sunshine State is far more than just beautiful beachfront, luxury mansions, and amusement parks. Home prices in Florida aren’t any higher than they are national, which makes it a great place for those who want to save money on their mortgage. This makes Florida a prime location for homes which is further representing a growing preference for homes and mortgage loans. You also have many options if you need aid with down-payment or closing charges.
Florida (FL) is a state that has seen incredible growth in population and home units. According to the US Census Bureau, the state has 10,1 million housing units and an ownership rate of 66.2%. The state’s median housing value is $232,000, slightly higher than the national median of $229,800. The home median value may be lower or greater depending on where you plan to settle in Florida.
The Florida housing market has very low-down-payment requirements, with some loans requiring as little as 3.5 percent depending on your credit score and income. So, you can get started by paying just $10,500 – that’s all it takes to buy a home valued at up to $300,000. Interest rates will vary, but they’re often competitive, starting around 5 percent.
Florida Real Estate in Numbers
In comparison to the previous ten years, Florida’s population has increased by 14.6%. According to the website Floridatrend.com, Florida adds 919 new citizens every day. Florida’s real estate market is among the most active in the nation, and for good reason. Alabama, Georgia, the Atlantic Ocean, and the Gulf of Mexico all encircle the state.
Is Florida’s home market still a wise investment for 2022, despite the market being extraordinarily favorable for investors in 2021? The response is a yes. According to the most recent reports from Florida Realtors, tight inventory levels will keep housing prices high in the state. Further, consider these statistics:
- According to Zillow, the median property value in Florida is $378,104 (as of April 2022) compared to the national median value of $374,900 (as of June 2022).
- According to roofstock.com. the median home value in Florida increased by 33 percent year-over-year from April 2021 to April 2022.
- Also, according to roofstock.com, Florida property values have soared by more than 78% in the last five years.
However, a word of caution. With interest rates rising dramatically from less than 3 percent in late 2021 to almost 6% in June 2022, we could see a slow down in the hot Florida market. To illustrate the case in point, according to the website floridarealtors.org, there were a total of $28,171 in home sales in Florida in April 2022. During that same period in 2021, home sales totaled 33,264 which equates to a 15.3 percent decrease in the total residential properties sold.
List of Best Mortgage Lenders in Florida
Whether you are a first-time home buyer, a real estate investor, or a retiree looking to put down your roots in Florida, you want to work with a mortgage lender that can offer fast closing times, friendly service, and great rates. In Florida, there are a few lenders that stand out above the rest. These lenders have years of experience and knowledge in the industry, and they’re always looking out for their client’s best interests. If you’re looking for a hassle-free mortgage experience, these are the lenders you want to work with.
1. Reliance Financial
Reliance Financial is a best-of-breed mortgage lender and mortgage broker that offers a wide range of financing options to suit the needs of homebuyers and investors. The Mortgage company Florida is famous and prevailing for its speed and simplicity, as well as its convenient online application process. Reliance Financial offers conventional, FHA, VA, jumbo, retirement, and real estate investment financing, making it a one-stop shop for all your mortgage needs. And with over 350 5-star ratings, the company has a proven track record of superior customer service. Whether you’re a first-time homebuyer or a seasoned investor, Reliance Financial is the right choice for you.
Reliance Financial currently serves homebuyers and homeowners in the states of California, Texas, Colorado, Michigan, Washington, Virginia, and Florida. Since its establishment in 2004, the company has a long track record of providing its customers with concierge-level service and offering the lowest mortgage rates in the market. customers mostly appreciate this company for its ethical, professional, and fair practices.
Contact Details:
Phone: (888) 973-5346
Email: info@reliancefinancial.com
2. Veterans United
Florida is home to more veterans than any other state, with more than 1.4 million of them. Veterans United has great opportunities for Floridians who have served in the military in the past and want to establish roots here. Veterans United offers a wide range of financing alternatives, and there is no down payment. Additionally, compared to other top VA loan providers, this lender has considerably more Trustpilot 5-star ratings.
3. Florida Home funding
If you are looking to work with a local lender that is well-versed in the region, Florida Home Financing is a solid option. This lender, which is among the most recognized mortgage firms in the state, has focused on Central Florida mortgages since 2001.
4. AmeriSave
One of the biggest and quicker direct-to-consumer mortgage companies this lender offers internal underwriting, processing, funding, and closing services through their approximately many licensed mortgage originators dispersed across the nation. To ensure funding for mortgages to regional banks, credit unions, mortgage brokers, and bankers, the lender, which was founded in 2002, did launch a Third Party Origination (TPO) section in 2010.
5. Direct Home Lending
Since its establishment in 2006, Direct Home Lending has provided loans in Arizona, California, Colorado, Florida, and Washington. The lender, once known as PIC Capital, Inc., promises fast purchase closings and loan approvals. This firm closes most loans within 30 days. Customer service is a priority for Direct Home Lending, which allows customers to pay off their loans at any time without incurring penalties and assists borrowers of investment property loans in finding a real estate agent.
You can prequalify and apply for a loan online with Direct Home Lending’s digital mortgage experience. Additionally, you may view rates and costs online without providing any personal information by requesting a free quote, and the lender’s website has a mortgage calculator.
6) Sun Trust
SunTrust Bank is one of Florida’s most well-known mortgage lenders. Customer happiness, accessibility and communication, transparency, and usability were all good points for this bank. This bank provides a mobile app, online approval, email, phone, and live chat service, as well as a thorough website.
The simple, comprehensive, and useful homebuyer handbook will appeal to first-time homebuyers. Conventional fixed and customizable mortgages, jumbo loans, doctor loans, FHA loans, VA loans, and USDA loans are available. In addition, SunTrust has one of the most diverse loan portfolios we have seen, with various possibilities based on your financial status.
7) Guaranteed Rate
Guaranteed Rate is a mortgage firm that offers some of the best rates on home loans and refinancing. This lender has several advantages, including Florida locations, an extensive range of loan refinancing alternatives, and a user-friendly website. You have the option of refinancing conventional and jumbo loans, as well as VA IRRRL, FHA, and USDA streamline refinances.
You can also apply online, over the phone, or in person. The online pre-approval is user-friendly and modern, and it is mobile-friendly. In addition, Guaranteed Rate has exceptional customer service and high customer satisfaction ratings compared to a leading digital experience.
There are some disadvantages to Guaranteed Rates. For one thing, some of the company’s fees, such as its processing fee, are a little more than any other bank lenders. If you are looking for the best deal, you’ll have to look at the options on our list.
8) Capital Trust Mortgage Corporations
Capital Trust Mortgage Corp., is present in Miami and was founded in 1955. It provides financial services to households, traders, and housing builders. The firm provides a variety of lending options including jumbo, conventional, FHA, VA, and business loans. A non-prime, foreign citizen, home equity loan, industrial, and construction loans are among the other loan types available.
9) Expert Mortgage Group
Expert Mortgage Group, Inc. is a comprehensive mortgage company that covers Miami and the surrounding areas. Through a home mortgage loan, the locally owned and operated company aids first-time homebuyers in achieving their homeownership ambitions. Its mortgage lenders work with several lenders who can provide a range of home loan options, including FHA, VA, and conventional loans. Clients can also use the group’s services to minimize their monthly installments or gain home equity cash-out through refinancing. For nearly two decades, the organization has been providing services to clients.
Conclusion
Choosing a home is one of the most important decisions your family will ever make. It’s a place where you create memories, fill the air with laughter, and share love. A home is more than just four walls and a roof: it’s a reflection of your family and your style. It’s where you’ll create lasting memories and build a lifetime of traditions.
At Reliance Financial, we are deeply focused to help you make that dream a reality. We are committed to being your top choice for home ownership by serving as your family’s mortgage advisors and trusted professionals. We have the experience and knowledge to guide you through the home-buying process, and we’ll be there for you every step of the way. We’re here to help you find the home of your dreams and make the transition into home ownership as smooth and stress-free as possible. So let us be your partner in this journey and let us take you home.
People Also Ask
Q1 : What distinguishes a mortgage lender from a mortgage broker?
Mortgage Lender
Mortgage lenders normally are restricted in the number of investors on their platform. Plus, due to higher overheads, the rates tend to be higher with a mortgage lender.
Lenders also are able to fund the loan and, in some cases, service your loan after the loan closes. You’ll apply directly to the lender that funds your loan. Lenders will charge you an underwriting fee and they may add an additional processing or application fee.
In some instances, if the lender is a bank, they can offer you a better rate on a jumbo loan since they normally use their customer’s funds to loan the money out to homebuyers (home purchase) or homeowners (refinance).
Mortgage Broker
Many lenders collaborate with mortgage brokers as a channel to loan money to customers. Since brokers have the ability to have many lenders backing them up, they are able to compete against multiple lenders to offer the best rate to the end customer. In addition, since brokers are not held to very high compliance standards like banks, they are able to offer a wider range of loan options to their customers, especially self-employed borrowers or those with lower credit scores. These products are also called non-qualified mortgages (non-QM).
Brokers also make comparing loan choices is made simple. Brokers are generally self-employed and thus tend to be highly entrepreneurial. The chances of getting a better customer experience tend to be higher with mortgage brokers as every transaction and relationship is highly important to them.
Q2: Is your mortgage rate influenced by the amount of money you put down?
Your mortgage rate depends upon a lot of factors, one of which is the type of loan you are seeking. If you’re obtaining an FHA loan, for example, whether you put the minimal 3.5 percent or the maximum 20% down payment, there is no bearing on your interest rate. If you get a conventional mortgage, on the other hand, there is a modest variation in the rate and closing fees associated with the mortgage interest rate for a borrower who puts down 5% vs a borrower who puts down 20%. Finally, putting a downpayment of 20% on a traditional mortgage eliminates private mortgage insurance (PMI), resulting in a reduced annual percentage rate (APR) or monthly mortgage payments you are required to make.
Q3: What role does your credit score have in determining your mortgage rate?
Your credit score is one important factor in determining your mortgage rate. Any applicant with a credit score of 740 or better is usually offered the same rate as someone with an 800 credit score. On the other hand, lenders often break up the rate reduction every 20 points increment for credit scores below 740. So an applicant with a credit score of 700, for example, will have a higher rate than a borrower with a credit rating of 720. It does not mean that an applicant with a 680 credit rating won’t be able to get the same rate as someone with an 800 credit score.
Q4: How Do I Know If I’m Eligible for an FHA Mortgage?
While FHA mortgages are popular in Florinda, especially among first-time home purchasers, anyone who meets the following criteria can apply for this type of mortgage:
- Your age must be 18 years or more than that.
- You provide adequate employment history and the proper documentation of your income? (Pay slips, tax returns)
- Are you planning to live in the house as your primary residence?
- Your credit score generally is above 580. Some lenders can go with a lower score.
- You have saved 3.5% towards the down payment of the home you are looking to purchase.
- Do you have a debt-to-income ratio that is less than 50%? (This ratio changes from lender-to lender)
- The loan you seek is within the loan limits set by the Federal Housing Agency each year. For 2022, you can find the specific loan limits for your county.
It’s more complicated than a simple yes or no answer to determine whether you qualify for an FHA loan. Keep in mind that, while the government insures these loans, they are granted by approved mortgage lenders. Individual lenders may have various lending criteria, mortgage rates, closing charges, and other fees, so do your research to identify the right FHA-approved lender in your area.
