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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
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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

Top Mortgage Broker in Fort Lauderdale Shares About Mortgage Loans

October 28, 2022 by Stephen McWillam

Although investing in a Florida rental property is a great way to create an additional income stream, most individuals never get beyond the idea phase for one of two reasons.  Either they don’t know the process involved with financing a rental property or they’re afraid they won’t get approved for a loan.  In most cases, it’s a matter of not understanding how rental property mortgages differ from regular home loan mortgages.

3 Most Significant Differences Between Rental Property Mortgages and a Mortgage for a Home

  • Rental properties have higher interest rates – regardless of the record low interest rates that have been available the past couple of years, you’ll usually have to pay 1% to 2% more than the primary mortgage rate when purchasing rental property. The exact rate will usually vary based on your credit score, your equity in that property, and the specific type of rental property you’re purchasing.
  • Rental properties normally require higher down payments – unlike a regular home loan where you can put as little as 3% down on the purchase of a primary residence, the minimum down payment on a rental property is usually 15% to 20%. But here’s the catch regarding that 3% down payment.  Any time you put less than 20% down on the purchase of a home, you’ll be required to pay PMI or private mortgage insurance. Private mortgage insurance can cost you anywhere from 0.5% to 2% of the total home loan amount every year.  Furthermore, PMI does not cover rental properties.  As a result, you’re required to make a larger down payment on a rental property.  Florida mortgage companies typically offer the best interest rates to buyers that put a minimum of 25% down on rental properties. You may consult with us to find the lowest interest rates based on your credit scores.
  • Rental properties typically come with shorter loan terms – the typical loan term on a primary residence is 30 years. However, for rental properties you have multiple choices where the term of the loan is concerned.  It can be an ARM (adjustable-rate mortgage) that has fixed initial terms of 3, 5, 7, or 10 years based on the loan program you choose.  Or it can be a fixed-rate mortgage with a 15 or 20-year term.  Again, this is based on the specific loan program chosen.

Buy a Home In Fort Lauderdale with Floira State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. is here to help with all of your mortgage needs. Call them today at (954) 359-3000 to speak with their team of experts regarding your financial situation.

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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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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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