There are probably thousands of homeowners who are eligible to refinance their Florida mortgage loans. Of course, anyone paying high interest rates should look to refinance. But there are also other types of people who may want to consider refinancing:

 

  • Homeowners who bought their homes more than a year ago. Most lenders will require borrowers to maintain their original mortgage for at least 12 months before they can refinance. If you’ve had your home for over a year, you may want to see what options are available for you.
  • Homeowners who are paying Florida mortgage insurance. Private mortgage insurance (PMI) is required for conventional mortgage loans for the borrower who made a down payment of less than 20 percent. Similarly, FHA mortgages require mortgage insurance premiums (MIPs). Based on your situation, refinancing could help you eliminate these payments.
  • Homeowners who carry credit card balances. Tapping into your home equity can provide you with a way to replace high-interest credit card debt with lower-interest mortgage debt. You need to be cautious, though. If you run your credit cards back up, you’ve simply increased your overall debt.
  • Homeowners who need home improvements. A new roof, new heating/air conditioning, or other improvements can be expensive and hard to pay for out-of-pocket. Refinancing could allow you to use your home equity to make these improvements. If the improvements increase the value of your home, that could lower your loan-to-value ratio and increase your home equity.
  • Homeowners with FHA or VA mortgage loans. Both these loan programs offer streamlined refinancing programs, and it’s easier to qualify for refinancing in today’s low-interest-rate environment.

 

If you fall into any of these categories, Embrace Home Loans can help you decide if it’s time for you to refinance your Florida mortgage. We’re experts at refinancing loans in Florida, and we can help you evaluate your options. Call us at 407-733-6425, or please browse the rest of our website for more information on our services.