Find helpful information on mortgages in Miami, Florida.
- Analyze Your Savings - Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points.
- Build Home Equity Faster - Even at low rates, a shorter term means a higher monthly payment. The benefit is that you'll build up equity faster and pay far less in total interest over the life of the loan.
- Consider Other Mortgage Programs - If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages.
- Deciding to Refinance - Traditionally, deciding whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing.
- Get Your Hands on Some Cash - Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out."
- Mortgage Refinance Costs - When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.
- Paying Points for a Lower Rate - In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount.
- Refinance Considerations - When you're making your decision, there are several things in mind.
- Refinance Once Then Do It Again - When rates fall steadily, refinancing may make sense even if you have done so once already.
- Trade your ARM for a Fixed Rate - By switching to a fixed rate loan, you will not only reduce your payment, you will also likely lock in an attractive rate for as long as you own your home.
- Your Personal Income Taxes - With a lower interest rate on your home loan, you will have less interest to deduct on your income tax return.
