Refinancing a home mortgage is not an easy decision to make for many homeowners. It involves paying off whatever remains of the previous existing loan and then replacing it with a new one. There are many things to consider when you do want to get refinanced. However, refinancing is an easy way to solve some of the worries with a mortgage. It allows you to get a lower monthly rate, which makes sense as you’ll have to pay less over time. It can also present some other financial opportunities in the future.
At Florida State Mortgage Group, we have the expertise to help you find a refinancing solution that works for you. With careful evaluation of your current mortgage and other mortgage needs, we will find a refinancing option that will save your money and save you mortgage troubles in the future.
In simple terms, mortgage refinancing is a way for borrowers to get a loan to pay off another one. Homeowners get mortgage refinancing to lower their monthly payments on previous loans or shorten its length. For instance, a borrower with a 30-year mortgage plan might get refinanced to lower it to 15 years.
Based on the refinancing option one chooses, the benefits can vary. Borrowers might consider getting a mortgage refinance in Fort Lauderdale to:
Refinancing can be used to take advantage of the equity you have built in your home. It also gives you the leeway to use the money to make some improvements to your house.
Obtaining a lower interest rate or extending the term of your loan is possible with mortgage refinancing in Fort Lauderdale. The lower interest rate means your payments will be smaller.
With refinancing mortgage, you can make your debt more manageable. High-interest loans can be replaced with a low-interest one.
Based on the equity you are able to cash out from refinancing your mortgage, you can drop private mortgage insurance.
The closing cost of refinancing a mortgage is between 1% and 2% of the total amount of the loan. This also includes lender fees. You can pay this cost upfront with cash or pay with points.
Points or discount points allow borrowers to lower the interest they’ll get on the refinancing loan. You can pay 1% of the total loan amount upfront and lower the rate by 1/8%.
Not necessarily. It’s true that a good credit score makes it easier to get a better interest rate. Having a less than perfect credit score can be considered. However, you will have to lower the interest rate to make the refinance worth it.
Call us today at 954-359-3000 or click the button below to get started.
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.
We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.
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.