Florida Streamline Refinance



From a historical perspective, the current Florida real estate market is one of the best for homebuyers and those seeking to refinance. That is because of the current historic low-interest rates. There have been good times before, like in 2012 when the average interest rates were at 3.67. But the current period is proving to be much better, presenting even lower interest rates for virtually all types of mortgage loans.


Does that mean it is a good time to do a Florida streamline refinance? Probably. There is no definite answer because the feasibility of a streamline refi depends on the unique situation of a homeowner. If you think it makes sense to do a streamline refinance talk to us first and our Moreira Team crew will help you analyze your current situation, with respect to the current Florida real estate market, and give you an objective and clear opinion.


Meanwhile, there are key pointers to keep in mind even as you ponder about a possible Florida streamline refinance bid. The main one is the change in your monthly payments. Will there be a reduction? If your interest rates are higher than the market rates by at least 2 percentage points, then chances are there will be a considerable reduction. But if you hold a FHA loan you should know that although your monthly mortgage insurance premium will reduce, according to the new FHA regulations (came into effect in 2015) you will pay the premium for the entire duration of the loan. In the old law, you stopped paying once you achieve a loan-to-value ratio of 78%. That goes to say you should consider both the monthly payments and the long run implications.


Also, each type of mortgage comes with its own streamline refinance requirements. But generally most of them will not require an appraisal, they consider the last appraised value of your home. The same goes for income and credit checks. And of course, there is the added advantage of reduced documentation. Read more here for detailed information on what lenders consider before you do a streamline refinance in Florida. For any inquiries or if you want to start your streamline refinance kindly talk to us and we will help.



Florida City Mortgage Service Areas