A mortgage is a contractual arrangement between a borrower and a lender, wherein the lender is granted the legal authority to seize your property in the event of your failure to repay the borrowed funds along with accrued interest. Mortgage loans serve the purpose of either acquiring a new home or accessing funds by leveraging the equity in an existing one.

A mortgage represents a specific form of financing employed for the acquisition or upkeep of real estate assets such as homes, land, or other property. In this arrangement, the borrower commits to repaying the lender over a period, often through a sequence of periodic installments that encompass both the loan’s principal amount and the accrued interest. The property itself is employed as collateral to provide security for the loan.

Today’s mortgage rates in Florida are 7.474% for a 30-year fixed, 6.457% for a 15-year fixed, and 8.131% for a 5-year adjustable-rate mortgage (ARM).

The average monthly mortgage payment in Florida is $1,124.

Fixed-rate financing means the interest rate on your loan does not change over the life of your loan. Variable-rate financing is where the interest rate on your loan can change, based on the prime rate or another rate called an “index.”

Comparing mortgage rates is always smart because it can help you save a significant amount of money during the life of your loan. Mortgage rates can vary significantly from lender to lender, and even a small difference in the interest rate can make a big difference in the amount you’ll pay over the life of the loan.

A rate hold is the length of time that the lender will lock in your quoted rate. Think of it as a “guarantee” of that rate, assuming you qualify for it. Most lenders offer rate holds of 30, 45, 60, 90 or 120 days. BMO Bank of Montreal, for example, is an exception to the rule with its rate hold of 130 days.

Yes, mortgage rates are often negotiable. Borrowers can shop around, compare rates from different lenders, and use these as bargaining tools to negotiate for a lower rate from their preferred lender.