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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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Does It Make Sense To Sell Your Florida Home After Refinancing It?

April 4, 2023 by Stephen McWillam

Mortgage Refinance in Fort Lauderdale FL

Refinancing is a great way to improve loan terms, lower monthly mortgage payments, reduce your interest rate, and save you money.  While there are some restrictions to be aware of prior to refinancing, selling your property soon after refinancing it may still be possible.  As long as your mortgage doesn’t have an owner-occupancy clause that requires you to live in it a specified period of time, you can sell the property.

How Soon Can Your Home Be Sold Once It’s Been Refinanced?

Whenever you decide to refinance your home, you need to be aware of any restrictions that exist regarding how soon you can sell it.  Depending on the lender, these restrictions often vary.  However, the most common are mandatory seasoning periods, stipulations attached to certain loan programs, and underwriting guidelines.  Some lenders have specific stipulations to prevent the sale of the home after its been refinanced and require the homeowner to live in it for a certain period of time.

You could also be required to keep your mortgage active for a specified period of time before listing it on the market.  Generally speaking, the lender wants to be confident that selling a home shortly after being refinanced doesn’t constitute fraud or other actions against them.  So, if you’re planning on refinancing anytime soon and intend to sell your home shortly afterwards, it’s important that you understand these restrictions before you sign the agreement for the refinancing loan.

Owner-Occupancy Clause and Pre-Payment Penalties

It’s important to know what an owner-occupancy clause is and whether it applies to your circumstances if you’re planning on selling your home after you’ve refinanced it.  Many lenders require you to live in your home as your primary residence for 6 to 12 months after closing, meaning you can’t sell the property until that timeframe has elapsed.  In addition to this, there may be a pre-payment penalty if you pay the loan off early.  This protects the lender against loss of interest income.

Does It Make Sense to Sell Your Home After Refinancing It?

While refinancing can provide a great opportunity to lower your interest rate and reduce your monthly mortgage payments, it doesn’t make sense to sell your home immediately after refinancing it.  It’s better to wait and build up some equity as this will provide you with additional leverage when negotiating the price with prospective buyers. 

To learn more about the above, call Florida State Mortgage Group, Inc. at (954) 359-3000 at your earliest convenience. Our business representatives are available to assist you. If you are still indecisive or need more information about your refinancing, call now.

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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