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Florida Refinancing

When you refinance your Florida home, you want to take advantage of as many savings as you can. Part of making sure you get the best refinancing deal is to know what to look for when you refinance. Feeling confident that you have found the best lender and the best rate is just part of getting the most out of your Florida refinance mortgage.

Starting Over

First, you need to understand that getting a Florida refinance loan involves starting the mortgage process all over again. Be sure you are confident about why you want to refinance, and be prepared to get all of your information in order. You will need the same, if not more paperwork when you are refinancing your Florida mortgage. Get your tax returns, employment paperwork, and financial records in order prior to starting the refinance loan application process.

Credit Check

One of the biggest factors in getting a good rate on your Florida refinance loan is your credit score. There are many factors that go into your credit score like your payment history, debt to income ratio, and number of credit lines that are open. It is important to minimize your use of credit and pay off some debt prior to considering refinancing your Florida home. You will also need to avoid the temptation to get any new lines of credit, no matter how great the deals may be, for at least six months before you refinance. The better your credit looks, the better your refinance rate will be.

Know Your Current Mortgage

Are you sure refinancing your mortgage is the best idea? You need to look over your current mortgage paperwork to see if there is any pre-payment penalty involved in paying off your current mortgage early. Though this is illegal in other states, Florida does allow mortgage lenders to charge a fee for paying off your mortgage too soon. If you are thinking about refinancing to save money, this fee could end up costing you more.

Choose the Right Mortgage Product

Depending on your needs, the Florida refinance product you choose is important. You need to shop around and see how different mortgage products can affect your financial situation. For instance, if you are refinancing to gain more stability in your mortgage payment, then you will want to look for fixed-rate refinance mortgages. However, if you are only going to be living in your Florida home for a few more years, then you may want to save money each month by moving to an Interest-Only ARM. Make sure you do the math, though, to be certain you are looking at the right refinance loan for your situation.

Avoid Assumptions

Do not just assume that the refinance rate is good for a period of time. Also, do not assume your lender will give you information in writing. Ask. Be sure to find out the costs involved in your Florida refinancing loan, and get a good faith estimate in writing. Also, make sure you know how long your refinance rate will be good, and get a guarantee in writing. The more you assume, the more your Florida refinancing effort will cost you.

1 comments:

NorthStreetLending said...

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