My New Blog

What to know about refinancing your home loan in Florida

May 23rd, 2022 1:49 PM by Holly Ecimovic

Refinancing tips to remember

Refinancing a mortgage means you are paying off your current loan with a new loan.

Whether looking for a lower monthly payment, or to tap into your home equity to help pay for renovations or consolidate debt, homeowners refinance their home loans for a number of reasons.

While refinancing your mortgage isn’t a miniscule task, working with an independent mortgage broker like us can help you follow the process to ensure you complete your refinance properly and efficiently.  

Before you jump into refinancing your mortgage, let’s take a look at the five main steps you should follow to ensure you get the loan that best suits your current financial situation. 

1. Determine Why You Want to Refinance

What are you hoping to accomplish with your refinance?

Do you want to change your mortgage from a 30-year-fixed-rate to a 15-year-fixed rate?

Are you looking to reduce your monthly payments? Or, perhaps you’re hoping to remove FHA mortgage insurance.

Whatever the reason, it’s important to have your goals set before you begin the mortgage refinance process.

2. Shop for the Best Rate 

If you want to find the best mortgage rate, work with an independent mortgage broker like us. We will shop hundreds of loan options to find the best possible rate available for your financial situation.

Simply give us a call at 407-834-3377 and we can start the process right away.

3. Submit Your Application 

Paperwork, paperwork, paperwork! Coordinate closely with us to ensure you have all the proper documents available and filled out to officially submit your loan application. 

4. Lock in an Interest Rate

Locking in your interest rate is a must. It ensures your interest rate can’t be changed for a certain period of time.

For example, if your interest rate is locked at 4.5% and the next day rates jump up to 4.75%, your rate won’t change as long as your initial rate was locked. You’ll again work closely with us to close the loan before that locked rate expires. 

5. Close on the Loan 

Closing on the loan will feel similar to when you closed on your home, except this time, you’ll be walking away with only a new loan instead of a new house.

The good news is, this is the final step in the process.  Once you close on the loan and pay the closing costs, you’ll be all set. 

Remember: we are home loan experts who can help guide you through the refinance process.

If you’re unsure if refinancing is right for you, connecting with us will give you needed clarity and help you determine next steps.

Call us today so you can begin the process: 407-834-3377.

Read more from FindAMortgageBroker.com.

Posted by Holly Ecimovic on May 23rd, 2022 1:49 PM

Archives:

My Favorite Blogs:

Sites That Link to This Blog:


Contemporary Mortgage Services, Inc

498 Palm Springs Drive Suite 220
Altamonte Springs, FL 32701