Yes. Mortgage rates on primary homes tend to be 1% lower than rental properties. Why? If your financial situation goes wrong at some point, you are more likely to do everything you can to save your home where you and your family live; the rest of the properties usually come second. That is why there is less risk attributed to primary homes, thus the lower mortgage rates.

No, because the mortgage rate varies due to several key factors, and one of those is the loan size. The bigger the loan size, the lower the mortgage rate a lender may offer, since part of what they earn is based on the loan size. Since New York's median home prices are much higher than Florida's, you may find lower mortgage rates there.

Adjustable rates can lead to uncertainty and fluctuating payments once the teaser rate expires. That is why most borrowers with fixed incomes avoid them. However, you may find borrowers willing to play that game. They understand the risks involved and have the certainty that they will pay off the total of the mortgage loan, or they will sell the owned property before the rates start to adjust.

Since the credit score is the most important factor in determining your mortgage rate, be sure to have your credit card balances down to no more than 35% of your credit limit at least 30 days before applying for a home loan. It also helps to obtain a personal copy of your credit report from all three credit bureaus to ensure that there are no errors in your credit report, such as collection accounts. As long as your credit score is over 740, you are good to go since lenders typically offer the same rate to borrowers with a credit score of 740 plus.

In many cases, your monthly mortgage payment comes from several factors, not just the mortgage rates. If you are putting less than 20% down payment on a conventional mortgage, your monthly payment is significantly affected by your mortgage insurance premium. If you look at two borrowers with the same mortgage rate, they could have significantly different mortgage interest just because of their credit scores. The lower the credit score the higher the mortgage insurance and thus the higher your monthly loan payment.

Closing costs can only be rolled into the loan when refinancing a mortgage. When purchasing a home, you can either convince the seller to cover closing costs as a seller concession or if you are working with a low-cost lender or broker you can look at rate options that provide lender credit to cover all or part of the closing costs. If none of the stated options work, then you will have to pay for the closing costs out of pocket.

Mortgage rates for condos in Florida are usually higher than those for single-family homes. Mortgages loans for single-family homes tend to be easier to qualify for since they have fewer restrictions compared to a condo. Condos in addition to the usual requirements need HOA approval, a review of condo bylaws, HOA master insurance, and occupancy ratios, and more.

Yes, mortgage rates vary by loan terms. The lower the term, the lower the rate. If you look at a 15-year mortgage, it has a much lower rate than a 30-year mortgage. That is because the borrower has to pay more mortgage each month and the debt will be paid faster, which makes the mortgage loan a less risky operation.

VA loans where the borrower is exempt from the VA funding fee due to disability are the lowest mortgage rates you can find, but this program is for military-related personnel only. Then you have conventional mortgage loans, which offer the lowest mortgage rates when the homebuyer is putting 40% down payment.

It would be illegal to discriminate borrowers based on the county they live in, so no, mortgage rates are the same for the counties in Florida. But mortgage rates are predominantly based on credit scores, loan amounts, down payment, and the type of mortgage loan. The way you are using the house also influences your rate; investment property rates tend to be higher compared to single-family homes or condos. Mortgage lenders with higher mortgage rates usually speak for their profits and not the county.

Mortgage rates may change several times during the day. They vary significantly from lender to lender, even banks, based on their profit margins. Usually, you are going to find lower rates with small mortgage lenders or mortgage brokers. This is primarily due to their lower overhead and cost of acquisition on a loan. But in general, when you look at the current mortgage rates, make sure to compare rates on the same day.