There is good news and bad news when it comes to Florida mortgages for new home purchases or existing home refinances.  The good news is of course interest rates are nearing all time lows.  30 year fixed rates for conventional Florida mortgages are available with no discount points or origination fees at 5.25%.

We are receiving several calls and emails from previous clients asking to reduce their 20 year fixed rate mortgage to 15 year mortgages.  The truth about refinancing is to consider lowering the term of the loan.  You will save tens of thousands of dollars even after deducting the closing costs.

The bad news however is that although rate are extremely low; many Florida homeowners or would-be home owners cannot qualify for these conventional mortgages.  Fannie Mae and Freddie mac have greatly trimmed the credit that was available to many in the past.  We know they are fending off future foreclosures and defaults but at some point they are going to have to soften a bit.  I hope its sooner than later.

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