For a brief period, the Florida real estate market lost its collective mind. It seemed everyone on the planet was lined up for Florida home loans. Prices consequently shot up as the laws of supply and demand dictate. This resulted in many unfortunately overpaying for Florida properties. However, fortunately, their pain can become your gain. For those who like to buy at the bottom as opposed to the peak it is time to strike. There is a wide array of properties available to suit any needs. Now is a prime time for overseas buyers to take advantage of their currently strong currency to pounce on Florida bargains. Opportunities abound from the Atlantic to the Gulf of Mexico. Whichever type place you select the one thing everyone needs prior to purchasing a property is a mortgage. Everyone's situation and needs are different, and there varying types of mortgages to match each person's unique situation. It is important, however, to understand the characteristics of the various mortgage types so you are able to select the right one for you. A fixed rate mortgage is most usually best for those seeking to use the property as a residence for an extended period of time. Fixed rate mortgages removes surprises coming from interest rate increases and allows for effective budgeting for the mortgage payment. This type mortgage is best for those shopping for their retirement abode in the sun. Adjustable rate mortgages (ARM's) are mortgages which have an initial interest rate which is not fixed. These mortgages have interest rates that adjust along with the prevailing market interest rates. Most ordinarily the rate goes in one direction which is up. ARM's have a lower initial interest rate which makes them attractive to those not planning on owning the property long. If you are confident that you are able to sell the property quickly, then an adjustable rate mortgage can save you money and increase your return on investment. This is especially so with what are called "teaser rate" mortgages. Assuming that you can find one without a severe prepayment penalty, these loans can work very well for property "flippers". However, in the wrong hands they can be very dangerous. One should stay away from teaser rate loans unless you are a seasoned buyer with deep experience. You should know exactly what you are getting into and have back up plans in place. Most mortgages today require a 20% down payment. For a period there were many loans available for lesser down payments, but most of those have now disappeared. Many are now researching and applying for Florida home loans thus striking while the iron is hot. True bargains are to be had in the Florida realty marketplace. Finding an affordable property has become a lot easier. Mortgages can still be difficult and confusing. Make sure you do the necessary research needed to pick the right one.