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Advantages of Refinancing Your Mortgage

Learn here the benefits of refinancing your mortgage. 1st Florida is the best Florida mortgage company to take a mortgage.

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Advantages of Refinancing Your Mortgage

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  1. Advantages of Refinancing Your Mortgage

  2. What Is a Mortgage Refinance? In Florida, a mortgage refinance is rolling over a current loan into a new one. Florida mortgage company will assess the current market worth of your home, check your credit and tax records, and verify your credit history. If everything goes well, your home mortgage lender may be able to offer you a variety of choices, including lowering your monthly payment, pulling equity out of your house, or shortening the term of your loan.

  3. Shorten the term of your mortgage When considering selling your home or lowering your monthly mortgage payment, you can optimize the value of your property by decreasing the mortgage term. Converting your 30-year mortgage to a 15- year mortgage will allow you to build equity faster and provide you additional house options.

  4. Switching to a fixed rate mortgage Adjustable-rate mortgages are available for three to five years, but the monthly payment can increase after the term has expired. When you refinance an ARM, you can get a fixed rate for 10, 15, or 30 years. This allows you to budget with a fixed amount each month, allowing you to keep a close check on your finances.

  5. Getting rid of your PMI lowers your monthly payment After paying principal and interest, a home with less than a 20% down payment will almost always require private mortgage insurance (PMI). However, if you've built up 20% equity, refinancing allows you to eliminate PMI payments, saving you even more money each month.

  6. Your payment will be lower if the interest rate is lower If you have a higher interest rate than the current rate, refinancing could save you money. For example, cutting a $250,000 mortgage's interest rate from 6% to 3% would result in a monthly savings of over $400 in interest and principal payments. These are the advantages of Mortgage refinance in Florida.

  7. Get in touch with us! 2203 N. Lois Ave Ste 1200 Tampa, FL 33607 (407) 392-4031 help@1stfloridamortgage.com www.1stfloridamortgage.com

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