Top 21 Licenced Mortgage Brokers in Florida
Florida attracts many due to its year-round warm climate, beautiful beaches, and no state income tax. The state offers a vibrant lifestyle with diverse cultural events, outdoor activities, and affordable real estate. It’s a popular choice for retirees, families, and professionals seeking a growing job market. With its appealing weather, economic benefits, and high quality of life, Florida remains a top destination for those looking to relocate.
What Are The Best Mortgage Brokers In Florida?
Here is a table listing the most popular and highest-rated brokers in Florida, organized according to reliable sources, organized according to reliable sources from the Florida Office of Financial Regulation (OFR).
Top Mortgage Brokers In Orlando, Florida
Finding the right mortgage broker can make all the difference when purchasing a home in Orlando, Florida. Top mortgage brokers in the area are known for their expertise, personalized service, and commitment to securing the best possible loan terms for their clients.
Mortgage Broker | License number |
NMLS# 189233 | |
NMLS# 186790 | |
/ | |
4. FBC Mortgage | |
NMLS #6606 |
Top Mortgage Brokers In Fort Lauderdale, Florida
Securing a home loan in Fort Lauderdale, Florida, can be a smooth and efficient process with the assistance of top mortgage brokers in the area. These experts are renowned for their extensive knowledge of the local real estate market.
Mortgage Broker | License number |
NMLS# 206978 | |
NMLS# 330508 | |
8. Federated Mortgage Services Licensed Lender | NMLS # 284131 |
NMLS 629700 |
Top Mortgage Brokers In Tampa, Florida
Navigating the mortgage landscape in Tampa, Florida, is made easier with the help of top mortgage brokers in the area. These professionals are celebrated for their deep understanding of the local market.
Mortgage Broker | License number |
NMLS# 1907 | |
NMLS# 98958 | |
NMLS# 1652977 | |
NMLS #1749939 |
Top Mortgage Brokers In Miami, Florida
When it comes to purchasing a home in Miami, Florida, the top mortgage brokers stand out for their exceptional knowledge of the local market, personalized approach, and dedication to finding the best mortgage solutions for their clients.
Mortgage Broker | License number |
14. Capital Trust Mortgage | NMLS # 322180 |
NMLS # 1889418 | |
NMLS # 2046862 | |
NMLS # 2003124 |
Top Mortgage Brokers In Naples, Florida
Navigating the home loan process in Naples, Florida, is simplified with the help of top mortgage brokers in the area.
Mortgage Broker | License number |
18. Huli Financial Powered by Best Interest Mortgage Inc | NMLS #299599 |
/ | |
NMLS# 1704240 | |
/ |
What Are The Types of Mortgages in Florida?
Each mortgage type has its benefits and considerations, so assessing your financial situation, long-term plans, and eligibility is important before choosing the right mortgage. Consulting with a mortgage advisor or lender can also provide personalized guidance based on your needs.
Type of Mortgage | Description |
Conventional adjustable-rate loans | |
5/1 ARM | The fixed interest rate for the first five years then adjusts annually based on market conditions. |
7/1 ARM | The fixed interest rate for the first seven years then adjusts annually based on market conditions. |
Fixed-Rate Mortgages | |
30-Year Fixed-Rate Mortgage | Offers a consistent interest rate and monthly payments over 30 years. |
15-Year Fixed-Rate Mortgage | Higher monthly payments compared to a 30-year mortgage, lower interest rate, and less interest paid over the life of the loan. |
Jumbo loans | Loans exceed conforming loan limits set by the FHFA, typically with stricter credit requirements and higher interest rates. |
Florida jumbo loan | Stricter credit requirements, higher down payments, and larger reserve requirements compared to conforming loans. |
Jumbo fixed | Often requires a larger down payment, usually 20% or more. Higher credit score requirement, often 700 or above. |
Reverse mortgage | Available to homeowners aged 62 or older, converts part of home equity into cash without selling the home; loan repaid when the home is sold or vacated. |
Specialized Mortgages | |
First-time homebuyer | Often, they offer lower down payments, lower interest rates, and special assistance programs to help first-time buyers qualify for a mortgage. |
Blanket loan | Used to finance multiple properties under a single loan, often utilized by real estate investors and developers. |
Manufactured home loan | Specifically for purchasing manufactured or mobile homes, can be offered through conventional, FHA, or VA loan programs. |
Hero loans | Special mortgage programs designed for veterans, active-duty military, police officers, firefighters, teachers, and healthcare workers; often feature reduced fees and favorable terms. |
Government loans | |
Federal Housing Administration | Insured by the Federal Housing Administration, lower down payment requirements, and easier qualification criteria. |
United States Department of Veterans Affairs | Available to veterans and active-duty military members, guaranteed by the Department of Veterans Affairs, often require no down payment. |
United States Department of Agriculture | Rural and suburban homebuyers with low to moderate income, backed by the U.S. Department of Agriculture, may offer no down payment. |
How Do I Apply For a Mortgage in Florida?
Applying for a mortgage in Florida involves several steps:
Determine Your Budget: Assess your financial situation and determine how much you can afford.
Check Your Credit Score: A good credit score improves your chances of approval and better interest rates.
Save for a Down Payment: Typically, 20% of the home's price, though some programs allow lower down payments.
Get Pre-Approved: Contact lenders to get pre-approved, which involves submitting financial documents.
Choose the Right Mortgage: Select the mortgage type that suits your needs.
Submit a Formal Application: Provide detailed financial information and documentation.
Home Appraisal and Inspection: Ensure the property is valued correctly and is in good condition.
Close the Loan: Finalize the paperwork, pay closing costs, and secure your mortgage.
Kredium assistance with mortgage process in Florida
Kredium Real Estate Company is committed to finding the best personalized loan offers that fit your chosen property. Our expert team ensures that you receive the most suitable financing options tailored to your unique needs. We offer free, no-obligation quotes to help you make informed decisions.
What Documentation Do You Need for a Mortgage in Florida?
To apply for a mortgage in Florida, here is the list of required documents:
Latest W-2 Forms
Most recent pay stub (not applicable if self-employed)
Most recent formal statements for all cash accounts (checking, savings, etc.) – include all pages
Copy of your driver’s license – take a picture of your ID and submit it
If you are required to pay child support or alimony, provide the complete divorce decree and/or child support income deduction order. If you receive child support or alimony and want it considered for loan approval, please provide the relevant documentation.
What are The Costs and Fees for a Mortgage in Florida?
Costs can vary based on the lender, loan type, and specific property details.
Mortgage Fees in Florida | Amount |
Average Closing Cost Percentage | 1.98% of the final purchase price |
Average Home Price Range in Florida | $200,000 to $300,000 |
Average Closing Cost Range | $3,960 to $5,940 |
What are The Benefits of Getting a Mortgage in Florida?
No State Income Tax: Florida does not levy a state income tax, which can result in significant savings for homeowners.
Diverse Mortgage Options: Florida offers a variety of mortgage programs, including FHA, VA, and conventional loans, providing options to suit different financial situations.
Competitive Interest Rates: The competitive housing market in Florida often leads to favorable interest rates for mortgages.
Property Appreciation Potential: Florida’s real estate market has historically shown strong property appreciation, potentially increasing the value of your home over time.
Affordable Insurance Options: Depending on the area, homeowners in Florida may benefit from competitive homeowners insurance rates.
Down Payment Assistance Programs: Various state and local programs offer down payment assistance to help first-time homebuyers and low-to-moderate income families.
Attractive Lifestyle: Florida’s warm climate, beautiful beaches, and recreational opportunities can enhance your quality of life.
Energy Efficiency Incentives: Florida offers incentives for energy-efficient home improvements, which can lower utility costs and increase home value.
Retirement-Friendly: Florida is a popular destination for retirees, and mortgages here can support a comfortable retirement lifestyle.
Strong Rental Market: If you’re considering purchasing an investment property, Florida’s strong rental market can provide good rental income potential.
What are The Benefits of Using a Mortgage Broker in Florida?
A mortgage broker offers several advantages. They provide access to a wide range of lenders and loan products, helping you find the best mortgage rates and terms tailored to your financial situation. Brokers offer personalized service throughout the mortgage process, guiding you through complex paperwork and customizing the mortgage to fit your needs.
Their expertise and knowledge of the local Florida real estate market, as well as various loan programs and eligibility requirements, are invaluable. By handling much of the paperwork, coordinating with lenders, and comparing options, brokers save you time and effort. They can also potentially reduce your overall mortgage costs by finding competitive rates and terms and identifying loan programs with lower fees.
If you have less-than-perfect credit, a mortgage broker can assist in finding more flexible lenders and solutions to improve your chances of approval. Their established relationships with lenders provide negotiation power for better rates or terms. Many brokers offer online services for added convenience, allowing you to manage the application process from home.
Additionally, brokers provide ongoing support and communication throughout the mortgage process, including after closing, to address any questions or issues. Kredium can help you access special loan programs or grants, such as first-time homebuyer assistance or down payment aid, that you might not be aware of.
How Much Do Mortgage Brokers Make in Florida
Mortgage brokers in Florida can earn a significant income, but their earnings vary based on factors like experience, location, and the volume of business they handle.
Aspect | Details |
Commission-Based Earnings | Mortgage brokers typically earn a commission based on a percentage of the loan amount they broker, often called the yield spread premium (YSP) or broker fee. The commission rate ranges from 0.5% to 2% of the loan amount. |
Average Income | On average, mortgage brokers in Florida earn between $50,000 and $100,000 annually. Successful brokers with a high volume of transactions can earn over $150,000 per year. |
Who Regulates Mortgage Brokers in Florida
In Florida, mortgage brokers are regulated by the Florida Office of Financial Regulation (OFR). The OFR oversees the licensing, conduct, and compliance of mortgage brokers and lenders in the state. The regulatory framework ensures that mortgage brokers adhere to state laws and regulations, providing protection to consumers and maintaining industry standards.
Why Choose Kredium as Your Mortgage Broker in Florida?
Ready to secure the best mortgage deal in Florida? Choose Kredium as your trusted mortgage broker! With our extensive network of lenders, personalized service, and expert guidance, we make finding the perfect mortgage easy and stress-free. Contact us today to start your journey toward homeownership with confidence. Let Kredium turn your dream home into a reality!
Photo credits | Pexels
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