Your expectations when working with mortgage lenders in Florida depend on the type of lender. A lender that works directly for a lending institution will provide all of the options that particular lender allows and that you qualify for. Other lenders actually work as brokers that shop your loan to a variety of lending institutions.

Brokers that provide mortgages in Florida can provide access to more lenders but may not share your best interests. Brokers usually receive a commission from the lender and will tend to push mortgages that offer the greatest profit for them.

There are three points you should discuss with a mortgage lending company in Florida when considering which one to use:

1. Interest rate on the loan. Rates change quickly in the volatile housing market and your credit rating will also affect the rate you can expect from Florida mortgage companies.

2. Points on the loan. Prepaid mortgage interest points will lower your interest rate but other types of points may not benefit you at all.

3. Closing costs. Lenders charge fees for various services and you will want to know what they are as soon as possible.

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Get loan offers through Florida mortgage brokers

Talk with several of the broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their expectations.

I recommend: Liddy Green is located in Melbourne and handles refinances and debt consolidation in addition to home loans. Florida Mortgage Corporation is based in Clearwater and is a member of the Florida Association of Mortgage Brokers and the National Association of Mortgage Brokers.

Obtain a referral for mortgage lenders in Florida from a real estate agent

Real estate agents usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.

I recommend: Linda Tartak is located in Pinecrest and specializes in relocating prospective homeowners to the Miami area. Blue One Realty is based in Doral and specializes in clients in touch with a mortgage company.

Solicit quotes directly from mortgage companies in Florida

You may want to contact a lender directly if you are already comfortable with one. Local lenders should be familiar with specific factors that affect the housing market in your area.

I recommend: Sunshine Mortgage is located in Ft. Myers and is a fully accredited mortgage company that serves all of Florida. Brentwood Mortgage Services is in Naples and offers a team approach for a variety of loan programs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Florida mortgage lenders may sell your loan to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

Mortgage brokers can help you secure the best home loan possible from a variety of Florida mortgage lenders. Mortgage companies in Florida are plentiful, but finding one that offers the best terms and options can be time-consuming. Mortgage brokers can help you save time in your search for financially attractive mortgages in Florida.

Mortgage brokers have the experience and connections to examine thousands of different Florida mortgage companies and deals. When hiring mortgage brokers or working with mortgage financing companies in Florida, look for a professional who has a keen understanding of the local real estate market, including residential and Florida commercial mortgage lenders. That’s because housing markets vary tremendously by region, and buying a South Beach condo, a ranch in Jacksonville or a warehouse outside Panama City will require working with a specialized broker.

To find the best mortgage lending company in Florida for you:

1. Make sure you're working with reputable Florida mortgage companies by checking records with government and better-business groups.
2. Start your search online and look at rates and terms on a variety of websites for lenders and mortgage brokers in Florida.
3. Don't limit yourself to a mortgage lending company in Florida or a Florida-based broker. National loan originators and brokers may offer the best terms on Florida mortgage loans.

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Search local Florida mortgage brokers associations

Florida mortgage brokers associations can help you find professionals who understand the local housing market.

I recommend: The Florida Association of Mortgage Brokers lets you search for brokers by city.

Mortgage lenders in Florida include local and regional banks

Local and regional banks are the some of the most common mortgage lenders in Florida.

I recommend: Search for local banks that are mortgage lenders at the Mortgage Bankers Association’s Home Loan Learning Center, LocalLender.info, and USCITY.net.

Use online sources for Florida mortgage companies

There are many online sources to help you find the best Florida mortgage companies.

I recommend: Mortgage-X.com provides a database of Florida mortgage lenders, as does Flmortgagedepo.com and FloridaRates.net.

Work with national mortgage lenders

Many national mortgage brokers and lenders offer mortgages in Florida that may be the right fit for you.

I recommend: Consider national lenders, such as GMAC Mortgage or Wachovia, or check out Equifax, which offers a nationwide mortgage referral service. Veterans may qualify for a loan through the VA Mortgage Center.com or USAA.com, where you can get pre-approved for Florida mortgage loans.

Check with legal authorities about mortgage companies in Florida

Make sure the Florida mortgage lenders or mortgage brokers you're considering are trustworthy and don't have a history of complaints by borrowers for unethical business practices.

I recommend: Contact your area’s Better Business Bureau (BBB), such as the BBB of Northeast Florida, Southeast Florida or Central Florida. Or check the State of Florida’s list of investigations into banking and finance complaints as well as links to cities’ consumer fraud units.

Find out what local experts are saying about mortgage companies in Florida

Local real estate experts, including your own real estate agent, can provide information on mortgage lenders in Florida and advice on the housing market for your area.

I recommend: The ActiveRain network of real estate professionals provides insider information on commercial and residential mortgage lenders and markets and links to a variety of sources. Other good blogs are Sandra Sheely’s Mortgage Blog, the Tampa Mortgage Blog and the Miami Real Estate blog. Find a Florida real estate agent at the Florida Association of Realtors

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Mortgage lenders in Florida should be familiar with Florida fees and should have a network of local appraisers and title companies to make the process go more smoothly.
• •  Florida mortgage loans from your bank are negotiable. Shop around for rates from mortgage brokers and mortgage companies before approaching your local bank.
• •  Rate quotes on mortgages in Florida should all be from the same time period due to market fluctuations.
• •  Tied mortgage brokers don't charge an upfront fee, but work with a limited number of Florida mortgage lenders who pay them a commission should you choose their mortgage.
• •  An independent broker charges an upfront fee but casts a wider net, offering a variety of deals from a host of mortgage companies in Florida.

Choosing a mortgage lender from the many banks, brokers and lenders is usually the most challenging step in making the most of mortgage lenders in Florida. Your best strategy should be to select a large number of Florida mortgage lenders and eliminate candidates as you make your criteria more selective.

A mortgage broker can help you save time in your search for mortgages in Florida but they are not able to negotiate terms you would not be able to get for yourself and they are not obligated to get the best deal for you.

There are three things you can do to locate the best mortgage lending company in Florida for your needs:

1. Ensure your mortgage broker has specific expertise in your local real estate market. Housing markets can vary greatly within a short distance.

2. Check records with better business groups and government sources to ensure a Florida mortgage company is reputable.

3. Search online to find the terms for a variety of mortgage lenders in Florida. Be sure to use the same time period when comparing interest rates due to the volatility of the real estate market.

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Search for reputable Florida mortgage brokers

Investigate a mortgage broker's credentials online. They must be licensed and will usually be members in various broker organizations.

I recommend: The Florida Association of Mortgage Brokers can help you find brokers who understand your local housing market. The Florida Office of Financial Regulation allows you to identify brokers that currently have an active license in Florida.

Find a directory of mortgage lenders in Florida

Search for brokers that do business in Florida first. You can then add other criteria such as city or zip code to further narrow the list of candidates.

I recommend: Mortgage Lender Universe allows you to search for mortgage lenders in Florida by keyword, city and zip. Mortgage-X provides a list of links to mortgage lenders in Florida and also has numerous mortgage-related resources.

Research mortgage companies in Florida

There are many research sites in Florida that provide information independent of any one mortgage lender. They may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: MortgageFit ranks lenders in Florida and also has discussions with other prospective homeowners. Mortgage Funding US provides specific information on mortgage lending in Tampa and also has a wealth of information on the mortgage lending process.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront but will contact a larger number of Florida mortgage lenders. Tied mortgage brokers don't charge an upfront fee but only work with a limited number of lenders. These brokers usually get a commission from the lender upon approval of the loan.

A mortgage loan in Florida is secured by real estate with a note that documents the loan and grants the mortgage. The term "mortgage" is commonly used by itself to refer to the mortgage loan. The Florida mortgage lender is a bank or mortgage company that offers a loan and mortgage brokers act as go-betweens that assist clients in locating an appropriate mortgage. The hot real estate market in Florida means that there are many mortgage lenders to choose from.

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Rate cap insurance

Rate cap insurance limits the increase of the interest rate during the float period. Its purpose is to protect borrowers in Florida from market uncertainty in mortgage loans.

I recommend: Florida Mortgage Fast is located in St. Petersburg and provides a glossary of terms that mortgage lenders in Florida use, including rate cap insurance.

2/1 buy down mortgage

A 2/1 buy down mortgage is so-named because the interest rate increases by one percent each year for the first two years. The purpose of this type of mortgage is allow a borrower in Florida to have an initially lower interest rate, which increases the loan amount that the borrower can qualify for.

I recommend: FBC Mortgage is based in Orlando and offers definitions on a variety of terms that mortgage lenders in Florida use, such as 2/1 buy down mortgage.

Adjustable Rate Mortgage (ARM)

The interest rate on an ARM in Florida is adjusted at specified intervals to reflect changes in market conditions. This variance has limits or 'caps' that protect the Florida mortgagee from excessive increases in the mortgage payment.

I recommend: The Florida Mortgage Group provides mortgage loans in Florida and offers a more detailed description of an ARM.

Bridge loan

A bridge loan allows homeowners in Florida to buy a new home before they have sold their current one. This type of loan is paid off when the borrower sells their current home.

I recommend: Florida's Mortgage Source offers mortgage loans to Florida residents and also defines mortgage loan terms like bridge loan.

Annual Percentage Rate (APR)

The APR is a percentage of the amount of the Florida mortgage loan. It represents the cost of your mortgage loan and includes the interest rate as well as other fees paid by the Florida borrower.

I recommend: Miami Beach 411 is maintained by a Florida mortgage expert and offers a variety of mortgage lender terms, such as APR.

Acceleration clause

The acceleration clause in a mortgage note specifies the conditions under which the balance of a mortgage loan in Florida may become due immediately.

I recommend: South Florida Lender provides mortgage loans to borrowers in south Florida and provides a glossary of mortgage loan terms, such as acceleration clause.