Another FL homeowner was referred to me today regarding a refinance opportunity to lower their interest rate from 5.25% to today’s much lower interest rate.  Fortunately they have a FL VA Home Loan which provides the ability to refinance with a FL VA IRRRL without having to worry about current appraised values.  To my surprise, the homeowner actually asked me the best question that every homeowner should ask when considering to refinance their FL mortgage.  “Does it make sense for me to refinance?”  Awesome question.  Here was the answer.

Since they were planning to stay in their FL home long term and they only owed another 25 years on their current mortgage; we immediately considered a 25 year or 20 year fixed rate VA home loan.  That way, they are not repeating 5 years of  payments already made.  In fact, with lower terms, more money from each payment is sent towards paying off the principal when compared to their existing 30 year FL VA mortgage payments.  All without even prepaying the mortgage.

We compared existing long term interest remaining on their existing loan against the lower interest due on the 25 year and 20 year terms and spelled out in plain English the huge advantages of refinancing to a lower term.

A monkey can lower interest rates on a refinance; but it takes a true FL Mortgage Professional to provide real dollar savings for FL homeowners.  Talk to a professional and know your true savings before moving forward.

If you think refinancing may make sense, whether you have a VA, FHA or Fannie Mae FL mortgage, call me local at 407.733.6425, I will review numbers with you to confirm the best option, even if it means that refinancing may not make sense.  Or feel free to email me anytime.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751