American Mortgage® Corporation
The Reason We Get Recommended is…. We try our hardest to get you approved. No matter what your situation is, we can help.
Mortgage Lenders in Miami
Popularly coined as the “Magic City,” Miami is a flourishing city in Florida that ranked 7th as the most populous city in the United States with almost 400,000 residents. The city is recognized for various reasons, including being a popular Spring Break destination. Having a huge population, Miami offers a diverse collection of available mortgages or home loans to help you acquire your dream home in Magic City. Mortgage Lenders in Miami offer meager rates and excellent customer service. If you are interested in acquiring a home in the city and would like to know the possible home loan options you have, please feel free to browse the remaining sections of this article.
- Fixed-Rate Mortgages: Several mortgage lenders offer a diverse selection of home loans in Miami, including Fixed-Rate mortgages. This is the most common type of loan for most house purchases, and they come in a variety of periods ranging from 10 to 30 years. This loan has a constant or “fixed” principal and interest payment for the loan duration. Adjustable-rate mortgages are an excellent choice for homebuyers who want to sell or refinance their house within 1 to 10 years and are looking for the lowest possible mortgage rate. For a set amount of time, adjustable-rate mortgages are fixed. You can pick between a fixed or adjustable rate depending on your financial goals.
- FHA loans: These are government-backed loans that have been assisting borrowers since 1934. FHA home loans are an excellent alternative for first-time home purchasers because credit requirements are less stringent, and FHA loans allow for credit scores as low as 580 and a down payment as low as 3.5 percent.
- VA Loans: The U.S. Department of Veterans Affairs program specializes in VA home loans and has been servicing the military community since its inception. As a direct mortgage banker, you’ll enjoy the advantages of having your VA loan underwritten, approved, and closed by local Florida experts.
- Jumbo Loan Program: Prospective borrowers can also have the option for a jumbo loan program to match their purchase or refinance needs if your loan amount exceeds (varies by county) conforming limits. In Florida, that limit is set at $647,200.
- Florida USDA House Mortgage: A Florida USDA house mortgage could be the right choice for a home buyer looking for a rural property. Florida USDA makes homeownership possible for many Floridians by providing 100 percent financing and the flexibility to roll in closing expenses and, in some situations, renovations.
Buying a Home in Miami
Homes in Miami can be purchased from $100 thousand to $100 million on the open market. The usual housing type accessible in the city ranges from single-family homes to multi-family complexes, townhomes, condominiums, and apartments, catering to a diverse market of potential purchasers. Most homes can have floor plans as large as 500 square feet, which varies depending on the type of property and the size of the land.
For those looking to purchase a home with the help of a mortgage, you will need to work with a mortgage lender, as they provide the services that will enable you to get a home loan. Please feel free to contact us right away if you would like to know more information about the various mortgage options that are available for you in the vibrant and thriving city of Miami in Florida.
The Best Mortgage Lenders in Miami, FL
- We offer Direct Lending Services for various loan types with competitive rates and low fees.
- Find a Loan that Matches Your Needs. From Conventional Loans, VA Loans, FHA Loans, to USDA Loans, American Mortgage has you covered.
- Find out How Much you can get from your Mortgage with our No-Commitment Loan Estimate.
- Responsive Customer Service with Extensive Experience in the Florida Lending Market.
- Timely Service. Get Approved Fast and have your needs funded As Soon As Possible.
Our Popular Home Loan Programs
Buying a New Home?
- Relatively easy to acquire
- Become the legal owner of your home
- Mortgage rates are lower than a personal loan
- Flexible repayment schedules
- Helps improve your credit score
Advantages of FHA Mortgages
- Easier application process
- A more lenient loan option for those with low to mid credit scores
- Lower down payments starting at 3%
- Option of adding a co-borrower on the loan
Advantages of VA Loans
- Excellent rates for qualified veterans
- No downpayment required
- Government guarantee with no insurance premiums needed
- Lower overall closing costs for the buyer
Advantages of Conventional Loans
- Perfect for those who can't make a large upfront downpayment
- Competitive rates as low as 3%
- Usually preferred loan type by sellers looking at competing offers
- Less stringent appraisal process
Advantages of Adjustable-Rate Mortgage Loans
- Less risky than loans with higher rates
- Perfect if you plan to refinance or move out of the home in the future
- Lower payments in the early term
- Allows you to get more expensive loans than what you can get normally
Advantages of Balloon Mortgage Loans
- Lower interest rates than most other loan types
- Lower monthly mortgage payments
- Lets you qualify for larger loan amounts
- Perfect if you lack capital for your initial payments
Advantages of Construction Financing Loans
- Loan type perfect for subcontractors of hired for large building projects
- Allows builders to get funds for resources needed to build homes
- Perfect for property owners planning big renovations
- Lower interest rates and longer repayment periods
Advantages of Fixed Mortgage Loans
- A secure loan type perfect for buyers who want to avoid significant changes in their rates and repayments
- Easy to plan for your monthly repayments
- Perfect for buyers looking for a long-term home
- Lower overall lifetime payments
Advantages of Foreign National & ITIN Loans
- Ideal loan option for foreign nationals
- Relatively easy application process
- Allows you to build up your credit score
- 30-year home loan options provide long-term payment plans for non-American homebuyers
Advantages of Hard Money Loans
- Easy to process loans that are quicker than traditional bank loans
- Flexible rates and fees allowing buyers to adjust as needed
- Perfect for home flippers looking to get funding for their project
Advantages of Interest-only Mortgage Loans
- Low repayments during the interest-only term
- Gives you access to larger loan amounts and better home purchases
- Gives you the option to pay for the equity once you're financially ready
Advantages of Self-Employed Loans
- New loan type perfect for freelancers and self-employed individuals
- Provides business owners easy access to capital without having to sell shares
- Easier to process than traditional business loans
Advantages of Reverse Mortgage Loans
- Ideal for retirees planning to finance their home
- Quickly liquidate the equity you have on your property to cash
- Provides ample options for your heirs
- You're protected if your loan balance exceeds the value of your home
Advantages of Jumbo Loans
- Ideal loan type for buyers that need to go over traditional FHA loan limits
- Perfect for buyers targeting large plots of land or luxury homes
- Also great for investors looking to purchase a multi-family rental property
- Consolidated loan structure
Advantages of USDA Loans
- Allows you to finance the entire amount of your home purchase
- Perfect loan type for low to moderate income buyers
- Provides low mortgage rates and insurance premiums
- Possible financial assistance on closing costs
Getting a Home Mortgage in Florida
A home mortgage is a loan you get from a lender to finance the purchase of a residential property. Your mortgage is a legal agreement that allows you to purchase a property without having the cash on hand, promising your lender that you’ll pay back the amount used to make a purchase in the future. In most instances, home loans in Florida will use the house that will be purchased for the mortgage agreement as collateral for the deal. This means that if a buyer fails to pay back the loan terms, they can claim ownership of the property.
Several options are available to buyers planning to apply for a home loan in Florida. You’ll want to consult with a local lender to help you identify the best type of loan for your situation. If you’re in the market for a new home in Florida and would like to apply for a Home Mortgage for your purchase, then American Mortgage Corporation is here to help. Feel free to reach out to us for any inquiries pertaining to your home loan, and we’ll be glad to assist you with your needs.
What our clients say?
Latest Blog Posts
How do VA loans work in Florida? If you are considering applying for VA loans, as an honor given to our service members and their