Mortgage Companies in 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. This article will introduce you to some of Florida’s most well-known mortgage companies, allowing you to compare them before deciding on the best.
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.
List of Top Mortgage Companies in Florida FL
The mortgage industry is competitive, and there are many options to choose from. Therefore, it can be difficult as a homebuyer or homeowner to find out which lender is best for you and your needs. To help with this dilemma, we have created an updated list ranking all top mortgage lenders based on various aspects like fees and convenience.
Reliance Financial (Top Pick)
Reliance Financial is becoming a go-to option for first-time homebuyers, retirees, and investors looking to purchase real estate in Florida. Homeowners enjoy low refinancing rates offered by Reliance Financial in Florida. The Company is also one of the growing mortgage lenders in the state. Reliance Financial currently serves homebuyers and homeowners in California, Texas, Colorado, Michigan, Washington, Virginia, and Florida are among the states where they serve consumers. Further, the Company has over 400 five-star reviews on sites like Google, Zillow, and Yelp from their customers. The company features a customer-centric home loan experience, low rates and fees, an easy-to-use website, and a user-friendly mobile experience. Their customers have high marks for the team’s accountability towards customer service and providing step-by-step guidance to homebuyers.
Reliance Financial provides conventional loans, Federal Housing Administration (FHA) loans, Veteran Affairs (VA) loans, jumbo financing, self-employed borrower loans, and home equity lines of credit (HELOC). Their mortgage loan products and options are also designed for people with modest incomes and smaller amounts to pay for a down payment. Prequalifying for a loan can be easily done online or over the phone. They provide you with continuous assistance during your relationship with them and they are easy to reach via phone call, email, or text message.
Reliance Financial is laser-focused on meeting their customers’ needs and providing expert advice on how to handle your home loan with ease. Customers can make difficult finance selections with ease thanks to their superior experience and product options. Further, thanks to their commitment to a very high level of customer service and providing transparency empowers home buyers and house owners the clarity and certainty they need to make tough financial decisions.
Location: 11501 Dublin Blvd Ste. #200, Dublin CA, 94568
Phone: (888) 973-5346
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.
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.
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.
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.
When it comes to finding the best mortgage companies in Florida, there are a few things to consider before deciding. Perhaps you’re seeking the best interest rates and fees or looking for an online loan. Our main goal is to give you the finest advice on choosing the best mortgage company for your scenario.
You can use our recommendations to identify a Florida mortgage lender that can help you buy your first house, move to a new property in Florida, or refinance your existing mortgage. We highly recommend for you speak to multiple companies to find the right fit for you.
People Also Ask:
Q1: 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.
Q2: 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.
Q3: 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.