Mortgage Refinance
in Fort Lauderdale

Solve your Mortgage Worries with a Mortgage Refinance in Fort Lauderdale

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.

What is mortgage refinancing, and why do people get it?

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:

Cash out equity

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.

Lower monthlypayments

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.

Debt consolidation

With refinancing mortgage, you can make your debt more manageable. High-interest loans can be replaced with a low-interest one.

Dropping private mortgage insurance

Based on the equity you are able to cash out from refinancing your mortgage, you can drop private mortgage insurance.

How much does refinancing cost?

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%.

Is an excellent credit score necessary for mortgage refinancing in Fort Lauderdale?

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.

What Our Clients Are Saying

Michelle Vantine
Michelle Vantine
17:20 08 Jul 19
I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Sean Zamora
Sean Zamora
18:28 05 Feb 19
Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He’s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.
Scott Yankton
Scott Yankton
17:42 04 Feb 19
The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.
Jennifer Cane
Jennifer Cane
02:05 23 Aug 18
They actually made obtaining my home loan fun and enjoyable on my part. The process was painless at all I expected it to be. They explained the process well to new buyers (like us) and at the same time keep me in the loop the entire time during the process. They really helped the process go smoothly. Got immediately a perfect home in an easiest and hassle-free way, Thank you so much!
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Talk to One of Our Loan Officers to Help Evaluate your Eligibility to Qualify for a Mortgage Refinance in Fort Lauderdale

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