Is your mortgage no longer as affordable or convenient as it once was? Do you think you might qualify for better rates and terms were you to apply for a home loan today?
If so, refinancing in Florida might just be right for you.
When you refinance, you have a chance to take advantage of today’s mortgage rates based on your current qualifications.
That can add up to thousands of dollars saved over the years ahead.
How Refinancing in Florida Can Make Homeownership More Affordable
Here are some benefits of refinancing your home loan in Cape Coral or anywhere in FL:
- By reducing your interest rate, you pay less every month and may be able to afford to pay your loan off sooner.
- Along with lowering your interest rate, you might be able to change the format of the interest rate between fixed and adjustable.
- You can lengthen or shorten the term of your loan by refinancing.
- If you qualify today for a different type of mortgage than you did originally, you may be able to switch over.
Is It Time for You to Refinance in FL?
You know when the time is right to refinance when you can calculate that doing so will simplify your life and save you money. Following are a few examples of situations which may call for a refinance.
- Maybe you have an FHA mortgage requiring private mortgage insurance (PMI), but now you qualify for a conventional loan that does not require you to pay for PMI each month.
- Perhaps you will stay in your home longer than you originally envisioned. Switching from an adjustable rate to a fixed rate may make sense.
- On the other hand, maybe you will be moving away soon, and can save money by switching from a fixed-rate mortgage to an adjustable rate mortgage.
- If interest rates have gone down versus what you are currently paying, it could be time to refinance.
- Has your income gone up or down? Refinancing can help you keep up with your bills or pay your loan off sooner without prepayment penalties, depending on your situation.
- Have other loans you want to consolidate to reduce interest? You can do this with a refinance.
- If you now have a better credit score or DTI ratio than you did when you took out your mortgage, refinancing today could give you access to a more competitive loan.
In situations like the above, the financial benefits of a refinance can more than offset the cost of refinancing. We can help you do the math during your consultation.
