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
| Housing quagmire: Is it time to remove relief? |
| For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments. |
| A reward for responsible homeowners |
| The government has bailed out Wall Street firms, giant banks, creditors of Fannie Mae and Freddie Mac -- and is trying to bail out people who've defaulted or are about to default on their mortgages. But let's say you're a hardworking family that has done nothing wrong except buy a home when the housing bubble was at its peak a few years ago. Your mortgage is now way underwater, but you're still making payments because you want to stay in your home -- and you're actually honorable. You're paying for everyone else's bailout, but because you have no equity in your house, you can't refinance to take advantage of the ultra-low mortgage rates that Uncle Sam's bailout strategy has produced. To use the technical term, you're being screwed. |
| Home prices gain 3.6% in past year |
| Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing. |
| Tips for getting homeowners insurance |
| 1. Loyalty is overrated |
| America's most overvalued cities |
| Don't say we didn't warn you. |
| Foreclosures: How bad is your state? |
| Surprise! Banks help more homeowners than Obama |
| Remember how everyone complained that banks weren't doing enough to help troubled borrowers? |
| Remodeling your home? Get online |
| Home improvement is one of the fastest-growing segments of e-commerce. But the consequences of a bad decision when it comes to finding a contractor or remodeling products online are far worse than buying the wrong paperback. |
| Say goodbye to the McMansion |
| The American home is shrinking. Toll the bell for the McMansion. |
| Fewer mortgages are in default |
| Fewer mortgage borrowers are delinquent on their loan payments, according to the latest data from the Mortgage Bankers Association. |