Benzinga has researched the top mortgage lenders to show you the best mortgage lenders in Miami, Florida for buying a home or refinancing.
Best Mortgage Lenders in Miami Florida
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This coastal metropolis in Miami-Dade county is home to 467,963 people and is the second-largest city in Florida. In addition to its beautiful white sand beaches like Miami Beach and South Beach, the City of Miami is famous for its cultural diversity and nightlife. It is one of the largest majority-minority cities in the United States.
A popular tourist city, Miami ranks 2nd in the U.S. for international travelers after New York City, with the 3rd largest skyline as well. It’s also home to PortMiami - the busiest cruise port in the world, with Royal Caribbean and Carnival Corporation among the largest local employers. Miami is also a major center for medical research and biotechnology in schools like the University of Miami.
Miami, Florida Real Estate Market
The median home value in the Miami area is $381,088. There has been an increase in the average annual appreciation rate over the last 10 years of 9.72%. However, 71% of residents in Miami are renters. The average rental rate is $1,773 per month.
Apartment complexes make up over half of the real estate market here. Only about a quarter of homes are single-family dwellings. Over 50% of these homes and apartment buildings were built between 1970 and today to accommodate the growing population of this bustling city. Many residents are well-educated young professionals with jobs in accommodation, construction, healthcare, and retail.
Popular Neighborhoods in Miami
Ocean View Heights
Highland Lakes/Sun Swept Isles
Current Mortgage Rates in Florida
Mortgage rates fluctuate, much like stocks on the stock market do. Mortgage-backed securities are traded like stocks. The current state of the economy drives the housing market.
You may want to watch mortgage rates to know when to commit to a mortgage rate. Benzinga monitors mortgage rate fluctuations and updates current mortgage rate charts.
|7/1 ARM (adjustable rate)
|5/1 ARM (adjustable rate)
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