Currently there are many type of 'hot' mortgages in Florida.
Loan programs that are creating a lot of talk in the Florida
marketing include Interest only loans and Adjustable Rate
Mortgages or (ARMS).
Interest Only Loans
Interest only loans are popular in Florida for investors or
individuals that are looking at their property on as a shorter
term investment. By Definition an interest only loan is a "A
non-amortized loan where interest is due at regular intervals
until maturity, when the full principal on the loan is due". In
other words when you take out an interest only loan you are only
paying the interest due and the total amount borrowed is due at
the end of the loan.
What is a mortgage?
A mortgage is simply a secured loan on property or land. By the
nature of the mortgage market place the types of mortgage
available are numerous, where the industry has had to adapt to
the needs of customers to ensure that there is a mortgage to
There are many types of mortgages available to
Florida residents. Traditionally the most popular types of
mortgages were 15 and 30 year fixed interest mortgages. However,
as the economic climate in Florida has changed in the past
years, so has the availability of flexible mortgage products,
such as adjustable rate and interest only mortgages. Perhaps the
most innovative and popular new mortgage is the “Pay Option
Mortgage”. This mortgage gives the client the opportunity to
choose from 4 different payment options. This type of flexible
payment has become very popular in Florida and across the
Click here to use our mortgage calculator setup just for
Floridians. Our mortgage calculator has been designed to allow
you to calculate your expected mortgage payments. Keep in mind
this tool should be used as a gage and actual monthly payments
will differ based on Property Insurance and Taxes.