Best Rates on Tampa, FL Mortgage Loans

Selecting your Tampa, FL mortgage type is an important decision that should not be taken lightly. Speak with your mortgage lender or Tampa financial advisor to learn which mortgage best suits your needs and your budget. Below are explanations of three popular mortgage types, as well as the current best Tampa, Florida mortgage loan rates.

Types of Mortgages & Current Tampa, Florida Mortgage Loan Rates*

Fixed Rate Mortgage (FRM): A Fixed Rate Mortgage is a mortgage in which the interest rate stays the same for the life of the loan, meaning that your monthly mortgage payment will always be the same. This is the most common type of mortgage due to its simplicity and security.

Tampa, FL Fixed Rate Mortgage Rates:

• 15-year Fixed: 4.375%; 4.731% APR
• 20-year Fixed: 4.750%; 5.033% APR
• 30-year Fixed: 5.000%; 5.112% APR

Adjustable Rate Mortgages (ARM): An Adjustable Rate Mortgage has an interest rate that rises and falls as general market rates adjust. An ARM generally starts out with a lower interest rate than a FRM, but the flexible rate presents a larger risk for the borrower.

Tampa, FL Adjustable Rate Mortgage Rates:

• 10/1 Year ARM: 4.250%; 4.426% APR
• 7/1 Year ARM: 4.125%; 4.393% APR
• 5/1 Year ARM: 3.625%; 4.277% APR
• 3/1 Year ARM: 3.250%; 4.289% APR
• 1 Year ARM: 3.375%; 4.420% APR

Interest Only Mortgages: An Interest Only Mortgage allows borrowers to only pay the interest on their loan for a set number of years. For example, if you get a 5-year Interest Only Mortgage, you will only pay the adjustable interest rate for those 5 years. After that time, you’ll pay both interest and principal.

Tampa, FL Interest Only Mortgage Rates:

• Interest Only 7/1 Year ARM: 4.375%; 4.617% APR
• Interest Only 5/1 Year ARM: 3.875%; 4.526% APR
• Interest Only 3/1 Year ARM: 3.875%; 4.379% APR

* July 8, 2009 loan rates based on a $200,000 mortgage; Source: Informa Research Services.

Tampa Mortgage Articles

A Closer Look at Tampa, Flordia Home Equity Loans
Do you currently own a Tampa, Flordia home, but you need a little extr.. read more
Date: 2009-11-14 14:45:15

The Do's and Don'ts of Purchasing a Tampa, Flordia Short Sale
Given the current real estate market, it’s a great time to purchase a short sale. With many .. read more
Date: 2009-11-14 14:40:00

Federal Housing Administration Loans
In 1965, the Department of Housing and Urban Development introduced the Federal Housing Administration (FHA). The goal of the FHA is to assist pros.. read more
Date: 2009-11-14 14:37:17

The Many Reasons to Buy Your First Home, Right Now
Considering buying your first Tampa, Flordia home? Act now and take adv.. read more
Date: 2009-11-14 14:25:39