Loan Programs
Which Mortgage is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we’re here to help you choose the best type of home loan for your needs.
Mortgage Rate Options
Fixed Rate
Finding the best fixed-rate mortgage deals in Miami, FL requires expert guidance, market insight, and careful comparison. Our team at Abacus Lending works tirelessly to compare rates, negotiate terms, and match you with the most competitive offers available.
Adjustable ARM
While fixed-rate home loans offer stability, some buyers may benefit from a best ARM mortgage in Miami, FL. An ARM mortgage starts with a lower fixed interest rate for an initial period after which the rate adjusts based on market trends.
Interest Only
For homebuyers seeking lower initial payments, an interest-only mortgage in Miami, FL might be an attractive option. With an interest-only mortgage, you only pay interest for a set period (typically 5-10 years) before the principal payments begin.
Graduated Payments
Graduated Payment Mortgages start with lower payments that increase annually for a set period, usually five to ten years, benefiting borrowers expecting future income growth and greater financial stability over time.
Loan Program Options
FHA Home Loan
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no
USDA Loans
If you’re looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250
How to Choose the Right Loan for You
If you want predictable payments and long-term financial security, a fixed-rate home loan is the best option. Since the interest rate remains unchanged for the entire loan term, you can easily plan your budget.
Best for:
- Buyers planning to stay in their home for 10+ years
- Homeowners who prefer financial predictability
Borrowers who want protection from market fluctuations
An ARM mortgage offers a lower initial interest rate, which can save money in the first few years. However, the rate adjusts over time, meaning your monthly payment may increase.
Best for:
- Buyers who plan to sell or refinance before the rate adjusts
- Borrowers comfortable with some financial risk
Investors looking for low initial payments
An interest-only mortgage allows you to pay only interest for a set period, keeping monthly payments lower. After that, full payments (principal + interest) begin, which can be higher.
Best for:
- High-income earners expecting future income growth
- Investors who want extra cash flow for other investments
Short-term homeowners planning to sell before the principal payments start
A fixed-rate HELOC allows homeowners to borrow against their home’s equity at a stable interest rate. This is useful for home renovations, debt consolidation, or emergency expenses.
Best for:
- Homeowners needing a large lump sum or ongoing credit
- Borrowers who want fixed monthly payments
Those looking to leverage home equity without refinancing
Take the Next Step – Get Pre-Approved Today!
Whether you’re buying your first home, refinancing, or investing in property, Abacus Lending is here to help you secure the best mortgage options in Miami, FL.
Frequently Asked Questions
The best fixed-rate home loans in Miami, FL depend on factors like your credit score, down payment, and loan term. Typically, 15-year and 30-year fixed-rate mortgages offer competitive interest rates and predictable monthly payments. At Abacus Lending, we help you find the best mortgage deals tailored to your financial situation.
To qualify for the best fixed-rate home loans in Miami, FL, lenders consider:
- Credit Score: A higher score (typically 700+) improves your chances.
- Debt-to-Income Ratio (DTI): A lower DTI (below 43%) is preferred.
- Stable Income & Employment: Consistent earnings help secure better rates.
Down Payment: A higher down payment (10-20%) can lower interest rates.
A fixed-rate mortgage provides stable monthly payments for the loan’s duration, making it ideal for buyers planning to stay long-term. An adjustable-rate mortgage (ARM) starts with a lower interest rate but can increase over time. ARMs are beneficial if you plan to sell or refinance before the rate adjusts.
An interest-only mortgage allows you to pay only interest for a set period, resulting in lower initial payments. This can be useful for buyers expecting higher future income or investors looking to manage cash flow. However, once the interest-only period ends, monthly payments increase. It’s important to have a plan for covering the full payment when it begins.
Down payments typically range from 3% to 20%, depending on the loan type and your credit profile. Conventional loans often require 5-20%, while FHA loans allow for as little as 3.5% down. A higher down payment can lower your monthly mortgage payments and help you secure better interest rates.