Florida Refinance Mortgage
Is it the best time to refinance your Florida mortgage? The answer depends on so many factors, but if a refinance will reduce your monthly payments, then you should probably consider it. Usually, that happens when current interest rates are lower than the rates you are charged on your loan. But it should be a significant difference. The general rule of thumb is that a 2%+ reduction in interest rates will help you lower your monthly payments.
Otherwise, if it is less than that chances are there won’t be any difference. In some cases, you might even end up paying more as the costs and fees of refinancing will be rolled into the new loan. Want to find out how much you will save if you refinance today? Talk to Moreira Team today, and our mortgage gurus will do an accurate math for you using the latest market interest rates.
While interest rates should be your biggest motivation factor, there are other things to keep in mind when considering a Florida refinance mortgage. Do you have enough equity in your home? Does your credit score allow you to refinance? How will the refinance costs affect your new loan? Will the insurance premium increase or decrease?
The point here is that refinancing your Florida mortgage is great if it will save you some money. But there is no guarantee that it will. Your best bet is to get a professional like Moreira Team to do the calculations for you and provide you with objective, clear recommendations.
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