Florida homes have significantly increased in value over the last few years, and by refinancing a Florida mortgage, a homeowner can get instant access to the cash needed to make home improvements, pay college tuition, and consolidate debts. Lower interest rates and lower monthly payments may also be possible.
Florida Housing
Florida housing has always done really well compared to other sectors of the housing market. Because so many people move to Florida on an annual basis, the demand for new and previously owned homes is quite high. This is one of the main reasons that the rate of home appreciation is well above other states.
The good news for those who own Florida property is that the current situation isn't likely to change anytime soon. Homes in Florida will always be in demand, which means that the value of homes will continue to increase. So, if you have a Florida mortgage, you should have no problem refinancing. In fact, refinancing a Florida mortgage may be easier than ever before.
Choosing a Lender for Refinancing a Florida Mortgage
If you are interested in refinancing, there are many lenders out there who will be willing to work with you. In fact, some lenders are dedicated solely to working with Florida homeowners. This makes shopping around to find just the right lender to work with very important.
The amount of money you pay in lending fees and closing costs will depend on the lender that you choose. Because these charges can vary dramatically from lender to lender, it is a good idea to get several mortgage quotes prior to making any final decisions. You may also want to look past your current lender. Because lenders make more money when you pay higher interest, your current lender may not be as willing to work with you to refinance your mortgage as another lender would be.
If you are looking for a lender that can help with refinancing a Florida mortgage, here are some sites you may want to check out:
Refinancing a Florida Mortgage
Though finding the right lender is important, before you can actually begin the refinance process, you will need to determine whether or not refinancing is the right choice for you based on your individual situation. Refinancing can make good financial sense if you want to get a lower interest rate, change the term of your loan, or take advantage of cash-out refinancing to get cash back at closing. However, you should keep in mind that refinancing a Florida mortgage costs money. Often times, many of the same charges you incurred with your original mortgage will apply to your refinance. For example, there may be appraisal fees, lending fees, title fees, and attorney fees.
If you are refinancing your mortgage to save money, these costs could significantly impact the amount of money you will actually be saving. To get an estimate, you can use one of the many mortgage calculators that can be found online. A good one to try is the refinance calculator that can be found at BankRate.com.
You will also want to consider how much your house is worth compared to how much is left on your mortgage balance. The more money you have built up in equity, the easier it will be to refinance your loan. To determine exactly what your home is worth, you can get a professional home appraisal. Though the cost of this can vary, fees usually run under $500.
