REFINANCE FLORIDA MORTGAGE
Florida mortgage rates are currently at new lows. Today’s Florida mortgage interest rates are in the 3% range for 30 years fixed rate. Florida mortgage rates are the lowest in over 40 years according to Freddie Mac.
The Florida mortgage refinance process of paying off an existing loan, with the proceeds from a new loan is known as a mortgage refinance. Florida mortgage applicants often seek to secure a lower interest rate or to lower a monthly mortgage payment. The most common type is of Florida mortgage refinance is a rate and term refinance. In addition to lowering rates and/or the associated Florida mortgage payment, a mortgage refinance often reduces the term of a mortgage loan and/or allows a Florida mortgage applicant to switch between a variable and fixed rate mortgage. A Florida mortgage refinance often consists of the same size loan, using the same property as collateral. In order to determine if a Florida mortgage refinance is beneficial, the savings in interest must be compared to the fees associated with the Florida mortgage refinance process. An example of a refinance fee is a prepayment fee
There are many reasons that Florida homeowners choose to mortgage refinance. We have listed 3 of the more common reasons. If you find yourself in any of these categories, start looking into the various Florida mortgage refinance programs available to you.
REFINANCE TO LOWER YOUR MONTHLY FLORIDA MORTGAGE PAYMENTS.
Probably the most common reason for refinancing a Florida mortgage loan is to lower your monthly payments in order to ensure that each payment can be made.There are various ways to lower your Florida mortgage payments. One way to do so would be to increase your loan term in order to pay less for an extended period of time.
If you have an fixed rate Florida mortgage and feel that you can’t afford your current mortgage payments on the short term, but believe you will be able to deal with an increased rate later on, you might want to consider switching to an ARM because its Florida mortgage rates will be fixed at a lower rate for a short period of time and then adjust later on when you know you can afford it. Conversely, if you have an ARM it would make sense to switch to a fixed rate Florida mortgage with lower rates.
DECREASE THE TERM OF YOUR FLORIDA MORTGAGE
Many Florida homeowners choose to refinance primarily for that reason of decreasing the mortgage term while slightly increasing monthly mortgage payments. In the long term this probably will save them a lot of money thanks to a lower interest rate. Florida homeowners will also finish paying off the mortgage a lot sooner.
CASH OUT REFINANCE
Many times there are other important debts people have to pay off or will need to pay off in the near future. FHA refinancing for more than you currently owe on your home will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvements, or buying a car. Many times Florida homeowners find they can cash out refinance while getting cash out and lower the monthly mortgage payments.