Should I Refinance Living in Fort Lauderdale

 

When the housing bubble burst, Florida is one state that got hit the worst. A lot of people in South Florida, particularly, the Fort Lauderdale area bought more house than they can afford. As a result, many asked, “Should I refinance?” Even today, many are still asking that same question. Here are some reasons why you should refinance:  

• Get a lower interest rate
• Pay off high-priced credit cards or consolidate your debt
• Rebuild credit rating that has taken a turn for the worst 
• Make home improvements – keeping up with that Miami lifestyle gets expensive

What is Involved in a Mortgage Refinance?

Refinancing is having a company pay off your old mortgage and then signing a new mortgage contract with them.

 

Keep in mind you may have to pay a penalty for paying your old mortgage off too early. With this in mind, you want to try to negotiate. Try to get the application, legal and appraisal fees waived. Sure, this may give you a higher monthly payment, but if you are cash strapped, it could give you the edge you need to refinance your Fort Lauderdale home. As a rule of thumb, try to get a rate that is 1 point lower than your current interest rate.   

 

Most importantly, get a guarantee on your new rate so it is locked. That way, even if rates were to rise before your closing, you are still locked in.

Even if you can’t get a guarantee, you should still try to get a rate decrease at closing. The ultimate goal is to reduce your payments and increase your home equity in a shorter period of time.

 

That’s what you deserve and that’s what we strive to do at Nations Mortgage. Even if you already applied for a mortgage refinance with another company, call us. You aren’t obligated to them in any way and chances are they are more interested in their own pockets than helping you.

 

We stay in business strictly from referrals, and you’ll see why that is when you pick up the phone. Give us a call now if you need help refinancing your Fort Lauderdale home or just want to know more about why you should refinance.