Different rates, different types of Florida mortgages
Different types of Florida mortgages have different rates. The rate on a FRM does not change so you always have the same payment for the entire loan term. Thirty years is the most popular loan maturity term, but a 15-year term with a lower interest rate is also popular option. The rates on ARMs adjust, usually upwards, but they can also go down. In the beginning, rates are usually low so monthly payments are low too. Home equity loans and HELOCs are second mortgages that usually carry a higher rate than refinance mortgages. They’re available with adjustable rates or fixed rates.
