It has never been easier to refinance your mortgage in Estero or elsewhere in Florida than with Core Mortgage Financial! With access to many different lenders, we can provide the lowest wholesale interest rates with the best terms available.
If you thought refinancing meant getting buried under mountains of paperwork, think again. Our stress-free process makes it easy to replace your current mortgage with a new one—with new terms, conditions, closing costs, and maybe a new lender.
We’ll walk you through everything you need to know about refinancing and help you choose the right loan!
A mortgage refinance can certainly help you keep more cash in your pocket, but you need to weigh the pros and cons before you sign on the dotted line.
Should You Refinance Your Home Loan?
Many homeowners consider refinancing for these common reasons:
- Lower your interest rate. If your home was financed at a higher interest rate than the low rates available today, you may be able to refinance your mortgage and shave tens of thousands of dollars in interest off of your loan. It’s important, however, to run the numbers to be sure it’s really going to save you money. Taking out a new home loan typically involves paying for things like loan origination fees, appraisal fees, application fees and other charges that can eat up a significant chunk of your savings.
- Convert from an ARM to a fixed-rate loan. If you have an Adjustable Rate Mortgage (ARM), the payments may seem manageable at the moment, but, if interest rates go up, you could be in for a rude awakening when the loan adjusts. Now may be the perfect time to refinance into a fixed-rate mortgage. Interest rates are low at the moment, but they may not stay this low forever. Locking in a low fixed rate will benefit your bottom line in the long run.
- Shorten your mortgage term. Traditional mortgages are designed to be paid off over a longer period of time, most commonly over 30 years, which means you’ll pay more in interest, but your payments will be lower each month. Refinancing to a shorter mortgage term, such as 15 years, can help you pay the loan off faster. With interest rates at record lows, it may not increase your monthly payment significantly but will enable you to quickly build up equity in your home. It’s important, however, to consider the impact to your budget.
- Eliminate a second mortgage. If you have a first mortgage and a home equity loan, also known as a “second mortgage,” refinancing can help you consolidate your debts by combining them into one fixed-rate mortgage.
- Your home is “under water.” If your current mortgage balance is more than the value of your home, your mortgage is “upside down” or “underwater.” This is also known as having “negative equity.” You may qualify for the Home Affordable Refinance Program (HARP), which allows borrowers with negative equity to refinance and take advantage of record low interest rates.
- Turn your home equity into cash. Many homeowners refinance their homes and cash out some of their home equity for major expenses like buying a car, paying for a wedding, or financing an education—purchases that might otherwise require you to borrow funds at a higher, non tax-deductible interest rate.
When done correctly, refinancing a home mortgage can save families money on long-term interest, but refinancing often without considering the long-term costs can be an expensive mistake.
Before you decide whether or not to refinance, get in touch with the Core Mortgage Financial to discuss your needs.
Even if your loan is not owned by Fannie Mae or Freddie Mac, you may still qualify for a loan modification through a special refinance program offered by lenders in our extensive network. If you have an FHA Home Loan, there is a streamline refinance option available to existing borrowers whose loans are in good standing but who have negative equity.
If you are interested in refinancing your home, the Core Mortgage has the answers you need! Our licensed loan originators are here to help you 24/7! Call us now at (855) 554-CORE or (239) 514-2674, or use our online form to learn more about Estero refinancing options.
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