Florida is known for its beaches, low sea level and high-end lifestyle. Known as the Venice of America, Fort Lauderdale, Fla., is laden with canals and waterways, resulting in a high amount of waterfront property. With luxury neighborhoods catering to families, seniors, millionaires and more, there are many stunning homes for sale in Fort Lauderdale.
Whether you’re looking for an ocean view or a canal dock in your backyard, an investment property or a home to settle in, there are plenty of homes to choose from. Below are some of the luxury neighborhoods in Fort Lauderdale. Check out what’s great about each neighborhood and what type of mortgage you'll need to move in.
Related: How to Choose the Right Mortgage Loan in Fort Lauderdale
Fort Lauderdale Luxury Homes For Sale
Lauderdale Harbours
Lauderdale Harbours is one of Fort Lauderdale’s most deluxe neighborhoods. Home prices range on Zillow from $450,000 to well over $6 million. The neighborhood is separated by canals and connected by bridges. On the eastern end of the neighborhood is the Lauderdale Yacht Club, perfectly located for residents with boating hobbies. On the south end is 15th Street Fisheries, a popular restaurant overlooking the Stranahan River.
For a home in this neighborhood, you’ll need a jumbo mortgage loan, which is a loan that exceeds $417,000, or $650,000 in high-costing housing markets. Jumbo loans require a larger down payment because of the increased risk, but you can often find lenders like Power Financial Credit Union that finance up to 80 percent of your dream home.
Harbor Beach
Harbor Beach is so surrounded by water it’s almost an island. This neighborhood is significantly more affordable than Lauderdale Harbors but is still considered a luxury area. For a home priced at the average sale price of $750,000, you would need $150,000 to put down 20 percent toward a new home. With a 30-year loan of $600,000 and a rate of 3.92 percent, your monthly mortgage payment would be $2,837. If you wanted to pay off your home sooner with a 15-year loan, your payment would be $4,414.
Bay Colony and The Landings
Bay Colony is an upscale community with an average listing price of $899,000, according to Realtor.com. The neighborhood is suburban but also close to downtown and the beach, making it a favorite spot for luxury homeowners and renters.
To buy a home in Bay Colony, you should first decide whether you will use the property as your primary residence or as an investment property. If you plan to occupy the house, you can opt for a fixed-rate mortgage or an adjustable rate mortgage. A fixed-rate mortgage will have an interest rate that will not fluctuate as the market shifts, whereas an adjustable rate mortgage will dip and rise with the market.
If you plan to use the house as an investment property, you can find lenders who offer residential investment property mortgage options. Power Financial Credit Union, for example, offers up to 75 percent financing and terms up to 25 years for investment properties.
See: What $1 Million Buys You in the Richest Cities in the World
Other Fort Lauderdale Homes for Sale
Other neighborhoods with waterfront homes for sale in Fort Lauderdale include:
Pompano Beach
Lighthouse Point
Coral Ridge Isles
Bermuda Riviera
Wilton Manors
Dolphin Isles
Las Olas Isles
Fort Lauderdale Mortgage Advice
For individuals and families looking to buy into one of these luxury neighborhoods, you’ll need a mortgage with low rates and terms that fit your needs. Adam Ehlmann, a local Fort Lauderdale realtor, said that the best way to get a mortgage for a high-priced home comes down to cash: “Cash is king. Over 60 percent of all luxury sales in the Fort Lauderdale area are all cash deals. After that, mortgages are usually scrutinized pretty heavily by sellers and the realtors who represent them. Stronger financing always puts you in a better position for negotiating price and winning out if you're in competition for the home.”
And just as it’s important to choose the right type of loan, it’s important to choose the right lender, too. “Some mortgage brokers are just better than others and choosing the right one is an important decision. Get recommendations from your realtor, friends and business acquaintances. Then, interview them for the job," he said.
Learn: 13 Secrets From Real Estate Insiders
7 Things to Consider When Shopping for a Fort Lauderdale Home Loan
Do you want a 15- or 30-year loan, or other term length?
Do you want a fixed-rate loan or an adjustable-rate loan?
What percentage are you able to put down toward the home?
Do you plan on refinancing later? If so, find a credit union with flexible terms or special refinance offers.
Do you plan to occupy the residence, use it as an investment property or part-time home?
Do you have poor credit or a low down payment and need an FHA loan?
Are you a veteran? Some credit unions will offer special rates and packages for service men and women.
Compare mortgages from different lenders to find the best terms and rates. Credit unions and local banks will offer unique deals to their members, providing them with more opportunities to save than a big bank or national lender. In addition, credit unions know the local real estate market and patterns and can help homebuyers find great prices in luxury neighborhoods.
Power Financial Credit Union is a GOBankingRates client.
This article originally appeared on GOBankingRates.com: How to Get a Great Mortgage for Fort Lauderdale Waterfront Property