Florida Refinance Info
In the great state of Florida, and all around the country, homeowners are considering refinancing their mortgages. There are several reasons to refinance, and all options should be weighed out before making such a huge decision.
With the country on the cusp of a recession, the Federal Reserve has lowered interest rates, and will likely lower them again in the near future. For Florida homeowners, this could be the perfect time to make home improvements. Maybe you are thinking about adding a pool, or building on a sunroom that could double as an office. If you currently have enough equity built up in your house (equity is what your house is worth minus what you owe), then a home improvement refinance could be just the ticket.
Another potential benefit of refinancing your loan is to get a lower interest rate and therefore lower your monthly payment. If the fixed rate currently being offered by your mortgage broker is at least one percent below your current rate, then a refinance could be a good option for you. The money you save could be put away for a rainy day…not that we see too many of those in Florida!
And finally, now could be the prime time for debt consolidation. If you are paying a high interest rate on your credit cards, or need to pay off a home improvement loan, then a debt consolidation refinance could be just what you need. This particular refinance could get you out of the perpetual worry of debt, and back to relaxing on the beach.
Refinance Florida News
| Builders' confidence sinks |
| Homebuilders' confidence in the housing market again plunged to a record low, dragged down by poor financial market conditions, rising unemployment and consumer anxiety, a trade group said Tuesday. |
| Home prices in record 9% decline |
| National home prices, driven lower by a flood of foreclosures, plummeted by a record year-over-year 9% in the third quarter, according to a report issued Tuesday. |
| FDIC's Bair pushes mortgage plan |
| In a surprise move, FDIC Chairwoman Sheila Bair Friday unveiled details of her plan to have the government help delinquent homeowners. |
| Fannie-Freddie plan: Not for all |
| Mortgage giants Fannie Mae or Freddie Mac may back 30 million mortgages. But that doesn't mean that the new foreclosure prevention program announced this week by the Bush administration will rescue every troubled borrower on their books. |
| Mortgage rates down for 2nd week |
| Mortgage rates fell for the second week in a row, finance firm Freddie Mac said Thursday, as the weakening economy resulted in the slowest pace of home purchase applications in nearly eight years. |
| Latest home prices - first quarter |
| Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. |
| Where home prices are headed next |
| The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions. |
| 85,000 homes lost in October |
| As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday. |
| U.S. mortgage plan falls short |
| The federal government's plan to streamline modifications of troubled loans held by Fannie Mae and Freddie Mac won't help the majority of people threatened with foreclosure, experts said. |
| U.S. unveils mortgage plan |
| The Bush administration on Tuesday unveiled a new program to modify mortgages and stabilize the battered real estate market, but the plan stops short of providing direct government financial help to at-risk homeowners. |