Refinance rates in FloridaThere are many home refinance options, and each comes with slightly different features and rates.
Current 30-year fixed mortgage refinance rates are averaging: 7.31%
The current average rate for a 15-year fixed mortgage refinance is: 6.76%
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The current mortgage rates forecast is for rates to remain relatively high. Rates on 30-year mortgages crossed the 7% threshold in the summer of 2023 for the first time in more than 20 years. And although rates eventually dropped below 7% in December, our market expert doesn’t think we’ll see a drop significant enough to bring rates closer to 6% until the second half of 2024.
There are many factors determining mortgage rates that are out of your control, but here are a few steps you can take to get the best mortgage rate:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you’ve applied for a mortgage and received a loan estimate with an offer you want to take advantage of, you should request that the lender give you a mortgage rate lock. This ensures that your interest rate won’t increase before you make it to the closing table.
Saving for a down payment and closing costs can be challenging. Luckily for Floridians, there are many Florida first-time homebuyer programs designed to help buyers overcome those obstacles. Here are three FL home loan programs to consider:
This program provides 3%, 4% or 5% of your total loan amount as a second mortgage to help with a down payment or closing costs. The second mortgage, with a 0% interest rate and no monthly payment required, comes with a five-year term that’s forgiven at 20% each year through that period.
Who qualifies?Borrowers must:
Have a minimum 640 credit score
Meet local income and purchase price limits
Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage
The Florida Assist down payment assistance program offers up to $10,000 that can be used with conventional or government-backed loans. It’s a deferred second mortgage with 0% interest, which means you’ll technically have a second loan secured by your home. However, you won’t have any required monthly payments.
That said, you will have to repay the loan in full if the home is sold or refinanced, or if the second mortgage reaches the end of its loan term.
Who qualifies?Borrowers must:
Have a minimum 640 credit score
Meet their county’s income and purchase price limits
Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage
The Florida Homeownership Loan Program offers a second mortgage for up to $10,000 in down payment assistance. The 15-year loan has a 3% interest rate and requires monthly payments of $69.06. After 15 years, any unpaid balance is deferred — unless the home is sold or refinanced, or is no longer the owner’s primary residence.
Who qualifies?Borrowers must:
Have a minimum 640 credit score
Meet county income and purchase price limits
Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage
Who qualifies as a first-time homebuyer?
Find first-time homebuyer loan officers in your area on the Florida Housing Loan Programs wizard.
→ Florida conventional loans. You can think of conventional loans as the industry standard, and they’re often a great choice for borrowers with a good credit score and sufficient down payment funds. These loans typically share certain minimum requirements set by Fannie Mae and Freddie Mac.
→ Florida FHA loans. FHA loan requirements are far more forgiving than conventional loan requirements. You can qualify with a credit score as low as 500 if you make a 10% down payment. If you’d rather make a smaller down payment, you can put down as little as 3.5% — but only if you have at least a 580 score.
→ Florida VA loans. VA loan requirements offer a lot of flexibility and value to military borrowers, including some great perks. These include the ability to purchase or refinance without making a down payment or paying for mortgage insurance.
→ Florida streamline refinances only come into play if you’re looking at an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). The “streamline” tag means these loans will require less paperwork and less hassle than other refinance types. You must refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan, to take advantage of the programs.
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