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Florida is one of the best states to be when it comes to being a money lender or borrower. There is a real estate boom that has led to mortgage companies being more profitable than ever before. This increased revenue and business means borrowers are getting better rates and lenders are more willing to give out loans.

 

There are a few different types of mortgages that a borrower can choose between. A few examples of mortgage loans available in Florida include the Federal Housing Administration loans, conventional loans, land loans, balloon loans, and consolidation loans. Now that the housing market is booming in Florida it's a great time to check out a few of these options.

 

One of the most popular loans on the market is called the fixed-rate loan. These type of loans carry a term of between 15 and 30 years. There's also an adjustable rate mortgage with rates that can change over time. This type of loan has gained popularity in recent years. A few other loans include interest only loans, construction loans, home equity loans, commercial mortgage loans, vacant land loans, farmers home loans, acreage mortgage loans and 100% cash out refinance loans.

 

Commercial mortgage loans are used for commercial reasons. These loans have a uniform rate no matter if you own a big business or a small one. Commercial loans are also easier to obtain than the typical loan. If commercial loans don't interest you Interest-only loans may be another option. These loans allow you to pay back only the interest for a predetermined time period. This time period is usually around 5 years. After that 5 years you then pay back the principal along with the interest. This type of mortgage usually has adjustable rates, so in the future you could potentially be paying a higher interest rate.  For more facts about loans, visit this website at http://money.cnn.com/2014/12/18/smallbusiness/alternative-lending-millennials/.

 

If you're looking to refinance your home Florida has some of the best rates in the country. A Florida lender may be your best option so go online and check out some of their rates.

 

Now is the best time if you have been considering a mortgage loan. Go online and research a few of the options listed above to see if they fit your situation. When searching for the best rates on mortgage loans make sure you consider Florida lenders when comparison shopping. This can lead to you finding the best deal and saving the most money in the long term.