Naples Refinance Boom
Naples is an affluent and desirable community, perhaps the most lovely on the gulf coast of Florida. Naples real estate is booming according to Trulia. In the last year, there has been an increase of 23.1% in the price per square foot. The median price of homes sold in Naples this year increased by 5.6 percent. Popular neighborhoods such as Moorings and Old Naples have average listing prices of between $.9M and $1.5M. With these increases many home buyers are optimistic about selling their homes. A Redfin survey shows that overall, Americans are optimistic about real estate, and close to 60 percent think that prices will continue to increase this year. Ultra low interest rates and record levels of affordable homes are making home buying and refinancing extremely attractive. Naples refinance can provide expert advice on taking advantage of this boom market.
With today’s low interest rates on the table, many home owners in Naples are thinking about refinancing. When refinancing $300,000 or more, even a 1 percent decrease in loan amount can lower monthly payments by several hundred dollars a month and save hundreds of thousands of dollars during the course of the loan.
When choosing the term of the loan, it’s important to think about long term debt as well. Home owners must strike the right balance between monthly payment and loan duration. Naples refinance can help you make the best decision.
Some people refinance in order to pay their loan more quickly. If the original mortgage rate is 6 percent on a 30 year loan, and the refinance rate is 6 percent on a 15 year loan, payments may increase by 40 percent.
For those who plan to be in their homes for the short term only, adjustable rate mortgages may make sense. Naples refinance can get you multiple quotes, so you can get the best rate.
If prices remain stable or continue to increase, refinancing to extract home equity may be a good idea. Using home equity to pay for college educations or to eliminate high cost installment debt can help both you and your family. However, if the real-estate market regresses, you may be putting yourself in the position of being stuck with your home.
Many people are still underwater on their homes. The Federal Government has a program that can help people whose mortgage companies participate. Many of the large banks such as Chase, Bank of America and CitiMortgage are involved. The program is called MHA (Making Homes Affordable). If you qualify, you can refinance your home even if it’s underwater, providing the mortgage is not in excess of $729,750 in some counties. Second mortgage refinancing may even be possible.
Naples refinance can help you get the best refinance rates and provide you with expert assistance!
Call a Core Mortgage Financial refinance expert today to discuss your options! Our office number is 239-431-5889 !
This blog is for informational purposes only. Rates, programs, guidelines are subject to change without notice. NMLS #849597