Benefits of Refinancing
You’ve probably heard horror stories of refinancing gone bad—like when a mortgage broker promises someone they’ll save thousands of dollars with a mortgage refi that ends up costing them thousands of dollars instead! This site was created to protect people who are looking into Florida mortgage refinancing options. The goal of mortgage refi is to save money; this is one of the main benefits of loan refinancing.
How Mortgage Refi Can Save You Money
- Many home owners are interested in mortgage refi loans because they want to receive a lower interest rate on their mortgage. Lower interest rates save money in both the long and short run. Lowering your rates can save you hundreds of dollars in your monthly payment and thousands in total interest over the course of your loan. Also, the rate that your home builds equity increases with lower interest rates.
- Some people seek out a Florida home loan refinance in order to exchange an adjustable-rate mortgage (ARM) for a fixed-rate mortgage (FRM). Most ARMs start with lower interest rates, but exceed typical fixed-rate mortgages later.
- When loan interest rates are down, some home owners try to shorten the period that it takes to pay off their mortgage. Shortening the loan term saves a lot of money that would otherwise be used to pay interest.
How long do you plan to live in your home? If you are planning on selling it before you break even on paying refinancing costs (usually between 1-3% of the of your general mortgage’s principle), it may be pointless to refi. Also, be sure that the amount it costs you to refinance is not higher than your total interest savings with a refinanced loan.
Remember, the goal of refinancing your mortgage is to save money. Make sure that you understand all proposed mortgage terms. Don’t be fooled by scams. This site was built to protect those looking into Florida home loan refinance. I’ve created 6 videos that expose the dirty secrets mortgage brokers use to get more money! Sign up with refiadvisor.com to watch the videos for free!
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