Looking for great Florida mortgage rates?

NetRate Mortgage, a Florida mortgage broker, offers some of the best mortgage rates in the state. 

Our Florida mortgage rates and closing fees are extremely competitive - whether you are refinancing your home, moving up, or buying your first home.

If you want truly independent mortgage advice, look no further. At NetRate Mortgage we have the technology and experience to research the Florida mortgage market as a whole, helping us to find a mortgage that's perfect for you.

We believe that mortgages don't need to be confusing. That's why we offer simple, straightforward advice. By finding out what is really important to you, we are sure to present you with a mortgage that meets your needs.

As a Florida mortgage broker, we are extremely knowledgeable of the entire loan process and are able to use our knowledge to help you secure the right mortgage.

Purchasing a home is one of life’s most rewarding experiences and the home market is expanding dramatically with the availability of low Florida mortgage rates.

Even if you haven’t started shopping for your new home, call us to today or click here to get a free pre-qualification so that you can be ready when the time comes. It only takes a few moments to get pre-qualified, it's free, and it will give you more bargaining power when you find the home you’ve always wanted.

Florida Mortgage Basics

What is a mortgage?

A mortgage is a loan to finance the purchase of your home or to borrow against the equity of your existing home (known as re-financing).

Your home is collateral for the mortgage loan, which is a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15, 20 or 30 years.

If you don't pay the mortgage debt, the lender has the right to take back the property and sell it to cover the debt. To repay the debt, you make monthly installments or 'mortgage payments' that typically include the principal, interest, taxes and insurance, known by the acronym PITI.

Principal - The principal is amount of money you borrow to help buy your home. A down payment of your own money is often required to reduce the amount of money that will be financed.

Interest - Usually expressed as a percentage called the interest rate, interest is what the lender charges you to use the money you borrowed. As well as the given rate, the lender could also charge you points, and additional loan costs. Each point is one percent of the financed amount and is financed along with the principal.

Principal and interest comprise the bulk of your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments are largely interest during the early years and principal later.

In addition to your principal and interest, your mortgage payment could include money that's deposited in an escrow or trust account to pay certain taxes and insurance.

Generally, if your down payment is less than 20 percent, your lender considers your loan riskier than those with larger down payments. To offset that risk, the lender sets up the escrow account to collect those additional expenses, which are rolled into your monthly mortgage payment.

Taxes - The taxes are property taxes your community levies based on a percentage of the value of your home. The tax is generally used to help finance the cost of running your community, say to build schools, roads, infrastructure and other needs. You must pay property taxes even if you don't need an escrow account and even after your mortgage is paid off.

Insurance - Lenders won't let you close the deal on your home purchase if you don't have home insurance, which covers your home and your personal property against losses from fire, theft, bad weather and other causes. Even if you pay cash for your home, you should buy home insurance unless you can afford to repair or rebuild your home if it's damaged or destroyed.

If your home is in a federally designated high flood risk zone within a flood plain and you are signing for a federally insured loan, federal law mandates that you must buy flood insurance. If you are not in a high flood risk zone, you still may buy the coverage.

Private Mortgage Insurance - If you put less than 20 percent down on your home purchase, most lenders will also charge you private mortgage insurance (PMI) premiums. The coverage doesn't protect you, it protects the lender from you defaulting on the mortgage. Without the coverage, many buyers could not otherwise afford to buy a home. Effective for loans written on or after July 29, 1999, lenders must automatically cancel PMI when your mortgage balance shrinks to 78 percent of the home's original purchase price.

Use our mortgage calculator to find out how much your mortgage payment will be.

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