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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
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    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
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Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Fort Lauderdale Mortgage Broker Shares About Mortgage Rates

January 13, 2022 by Stephen McWillam

If you have decided on buying your own home, this is great news! Keep in mind when purchasing a home, Florida mortgage lenders determine your interest rate based on specific information that you list on your application.  There are certain factors that a lender analyzes before determining this rate including.

Fort Lauderdale Mortgage Broker

Factors That A Lender Analyzes

  • debt-to-income or DTI ratio
  • loan-to-value or LTV ratio
  • type of property
  • your credit scores
  • your down payment

In addition to these, there are certain factors that determine your mortgage rate:

  • Government intervention – when it comes to determining mortgage rates, the Federal Government plays a significant role in establishing the prime rate each quarter based on the performance of the US economy. For example, they may decide to lower the prime rate if they feel that stimulating growth is necessary.
  • Inflation – the government defines “inflation” as an increase in the overall price levels of consumer goods and services. Inflation is closely monitored by the Federal Reserve.  As a result, this has an impact on interest rates.  When inflation increases, mortgage rates also increase.  As a result, lenders charge higher loan rates to offset rising costs – especially where mortgage rates are concerned.
  • Job Growth – another key factor that is closely monitored by the Federal Reserve is job growth. When jobs are plentiful, borrowers tend to pay back their mortgages on time.  The Federal Reserve may decide to lower mortgage rates based on employment growth estimates.  On the other hand, when the unemployment rate rises, they may raise those rates in order to boost investing and spending.
  • The Economy – one of the primary factors that help to determine whether the interest rate will increase or decrease are changes in the economy. Mortgage rates typically decrease when the economy is robust and stable.  Conversely, those rates will increase when the economy is struggling.
  • The Federal Reserve – because they are responsible for setting interest rates for all financial institutions, the Federal Reserve directly influences those rates. When they decrease or increase mortgage rates, so do lenders, thereby passing these changes onto their clients.
  • Additional factors – there are other factors that often play a role in establishing interest rates such as consumer trends and demand for mortgage loans. When the demand for homes increases, it can positively impact the interest rate since more individuals can afford to buy them.

Buy A Home in Fort Lauderdale Florida

If you’re shopping for a home loan or trying to calculate the amount you can afford, Florida State Mortgage Group, Inc. is here for you! Their experts are available to assist you with the mortgage requirements after evaluating your specifics. To schedule an appointment or to know more about their services, call them today at (954) 359-3000! 

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Contact

Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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