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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

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Eliminate Your Debt with a Cash-Out Refinance Loan

April 21, 2021 by Stephen McWillam

Mortgage Broker Fort Lauderdale

Since the onset of the COVID-19 pandemic, debt has become a significant issue for many Americans.  This includes credit card debt, home mortgages, medical expenses, student loans, and vehicle loans.  While it may seem that there’s no relief in sight from these high interest balances, there are certain steps that can be taken to eliminate some or all of your debt.  For homeowners, one option is debt consolidation and lowering your monthly bills with a mortgage refinancing loan.

Why a Cash-Out Refinance?

Mortgages typically come with lower interest rates than other forms of debt.  One method to consider is a cash-out refinance.  This will allow you to turn your home equity into cash that can be used to consolidate credit card debt as well as the other types of debt mentioned above.  Rather than paying a revolving balance each month, you can make fixed payments over a certain amount of time.  Many individuals will pay off their high-interest debt while others will finance a home renovation or remodeling project or fund a large purchase such as a vacation home or vehicle.

Consider the Resulting LTV Or Loan-To-Value Ratio

If you’re thinking about cash-out refinancing, make sure that you have sufficient home equity so that the cash you’re taking out doesn’t leave you with a Loan-to-Value ratio or LTV that exceeds 80% after refinancing.  Otherwise, you’ll be required to purchase PMI or private mortgage insurance and that could easily cost you an additional 1% of the total loan value annually.  So, on a $250k mortgage that would equate to an annual charge of $2,500.

Your Mortgage Payment Could Increase

When choosing cash-out refinancing, your mortgage balance will increase by the debt amount you’re paying off.  Depending on the mortgage term and interest rate that you qualify for, it may result in an increase in your monthly mortgage payment.  So, use caution when considering the cash-out refinance route.  Be sure you take the length of the mortgage into consideration as well.  You might not want to extend it another 30 years if you’ve already made several years’ worth of payments.  A shorter-term of 15, 20, or even 25 years would lower your rate and save you money.

Depending on your current financial situation, cash-out refinancing may or may not be right for you.  However, we are here to assist you with your refinancing options and can assist you in making the right decisions. With years of experience in the mortgage industry, we have assisted thousands of homeowners.

To learn more about this, contact Florida State Mortgage Group, Inc. at (954) 359-3000 and speak with a mortgage lender today. Call us today and let’s find the best mortgage for your home.

Filed Under: Refinance Tagged With: Florida, Fort Lauderdale, Mortgage Refinance Tips

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
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Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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