General Information - Understanding the Basics of Refinancing Your Mortgage



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Understanding the Basics of Refinancing Your Mortgage

While many first-time buyers are flocking to the real estate market while prices and mortgage rates remain low, many current homeowners are also taking advantage of high affordability. There are some basic factors you should understand when considering applying to refinance.


While many first-time buyers are flocking to the real estate market while prices and mortgage rates remain low, many current homeowners are also taking advantage of high affordability. There are some basic factors you should understand when considering applying to refinance.

Is refinancing a good move for you?

Refinancing your home may not be a great option if you are planning on moving in the near future. There are some fees that come along with adjusting the type and length of your mortgage, so be sure you will be living in your house long term when considering refinancing. Equity should also be considered, as those who are able to pay more each month by selecting a shorter-term mortgage may see a drop in interest rates too.

Different motives for refinancing

If you are looking to pay off your home quicker, you may want to consider switching the type of mortgage you have on your property. By opting for a shorter-term option, such as a 15-year mortgage, you can pay off your home without allocating additional money toward interest. While the mortgage bill may be similar or slightly higher than your current rate, you will ultimately save more money over time. Additionally, if you are close to paying off your home, you may not benefit from refinancing.

Those simply looking for a lower rate can continue on with their current mortgage type, but take advantage of overall lower interest rates. This can help lower your monthly payments and allow you to save more money toward other investments.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.