Refinancing your Florida Mortgage Can Save you Money on Every Mortgage Payment
| Refinancing your Florida Mortgage Can Save you Money on Every Mortgage Payment |
| Why should you refinance your mortgage loan? Well with todays low interest rates you could save $50, $200, or more money every month and that can equal thousands of dollars over the lifetime of your mortgage. So consider mortgage refinancing of your Florida loan today. |
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Refinancing Example: If you took out a mortgage for $150,000 home in 2000 at an interest rate of 7%, you would be paying $998.00 a month. If you refinance the exact $150,000 (actual value would be less based upon payments to principal loan) at an interest rate of 6%, you would be paying $899.33. A savings of almost $100 a month. That's $1,200 a year, what would you be able to do with an extra $1,200 a year! *Actual savings will vary based on original mortgage rate, new mortgage rate, and loan amount. Other Considerations before Mortgage Refinancing What else should be considered before refinancing? Well review how many years of payments are left on your mortgage. Five, Ten, Twenty or more, the longer your time horizon the greater your possible savings. Note: There are administrative fees that go into refinancing a mortgage. If the fees run more than your overall savings or if the amount is within 10 - 15% of your savings, it may wise to use your money to pay some extra on your principal and hold on to the extra cash. Another consideration, would be how big are the savings? and do you think rates will go down lower? A .5% drop in interest rates is less attractive to someone who has 7 years left on their mortgage, but can be very attractive to someone who has 25 years or more left on their mortgage. Get Mortgage Refinance rates in Florida here. |
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