And don't forget to take advantage of first-time buyers' incentives such as the federal $7,500 tax credit, increased access to FHA mortgages, and help from motivated sellers and banks.
Refinancing in Florida Not Easy
For those who bought Florida property in recent years, it's a less rosy picture. Lower real estate values and changes to federal law mean Florida mortgage companies will in many cases have to lower their FHA loan limits. The recent erosion of home equity has also made it more difficult for those refinancing from adjustable to fixed rate mortgages. Finally, Florida mortgage lenders are imposing more restrictive guidelines on real estate appraisers and carefully scrutinizing property values in markets deemed to be "declining."
Florida: More than Miami
Change may be on the horizon, however, and that's good news for those buying and selling. According to Yahoo Real Estate, a recent snapshot of Florida home prices showed increases across the board--existing homes, new homes, and foreclosure homes. Low interest rates should help dry up the inventory, stabilize prices, and keep the dream alive for those purchasing or refinancing homes in Florida.
Before you buy a new house in Florida or refinance your existing home to a lower rate, it is advisable to compare the current mortgage rates offered by leading lenders in Florida. We've done extensive research to find top-rated lenders with competitive rates in Florida and last updated these rates on . It is easy to compare the different interest rates and terms offered by local lenders in Florida and you can contact any of the lenders by simply clicking on the "Go" button below the lender's logo.