Cape Coral Mortgage Company Shares Insights for Mortgage Refinancing
Right now, there is a high demand for refinancing owing to rock-bottom mortgage rates.
If you are thinking about refinancing your mortgage in Florida, here are some reasons to move fast and take advantage of the opportunities which are available right now.
Refinancing Your Mortgage Today
- 1. Lock-in today’s amazing low mortgage rates.
The principal reason to consider refinancing at this time is that we are seeing incredibly low mortgage rates due
to the unusual market movements which we have been witness to this year.
We cannot be sure how long mortgage rates will linger around the current low levels. In such volatile times, it is hard to make predictions about the financial future we face.
So, we recommend that you lock in these low rates while they are still here and do not miss out on your chance.
- Stop paying mortgage insurance.
If you are currently paying for private mortgage insurance (PMI) on an FHA loan, switching to a conventional mortgage through a refinance which does not include a mortgage insurance requirement may be possible if you own enough equity in your home.
In doing so, you can save additional money each month even over that which you save by paying a lower interest rate.
- Change your interest rate format.
Refinancing gives you the chance to change the format of your interest rate if you want to switch in either direction between a fixed and adjustable rate.
This may be helpful if you have had a change in plans since you bought your home and plan to stay in it for more or less time than you originally intended.
- Pay your loan off early without prepayment penalties.
Are you in a position to pay off your mortgage early? If so, your current mortgage may include prepayment penalties if you choose to do so.
By refinancing, you can switch to a mortgage that does not feature prepayment penalties or one which has a shorter term.
That way, you can pay your loan off early without losing money to prepayment penalties. Paying your loan off early also will save you money in terms of interest.
- Reduce your monthly payments.
You might find yourself in the opposite situation, where you are having a hard time paying off your mortgage and still making ends meet every month.
If so, instead of refinancing to a mortgage with a shorter term, you can refinance to one with a longer-term.
With a longer-term to pay off your mortgage, your monthly payments can be smaller and more manageable.
In this way, refinancing today could increase your overall financial stability over the months and years ahead and alleviate financial and emotional stress. You may also be able to meet other life goals with the resources you free up which right now are unfulfilled.
- Consolidate your debt into a more affordable loan.
Do you have high-interest debts to pay off? If so, you have a prime opportunity right now to reduce the interest rate on those debts through a refinance which also features debt consolidation.
Imagine if you were able to pay today’s low mortgage rate instead of the current high-interest rate on your credit card debts, personal loans, and other debts you may owe. If you run the numbers, you may find that you could save a great deal of money.
Consolidating your debts has the added benefit of simplifying your financial life and making it easier all around to keep up with what you owe. In some cases, this could even lead to more consistent payments and a higher credit score.
Refinance in Florida Now with Island Coast Mortgage
If you want to experience these benefits of refinancing, there has never been a better time. If you are ready to lock in today’s ultra-low interest rates, apply now by calling Island Coast Mortgage at 239-214-7011.
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