Although mortgage refinancing rates in the past couple of weeks are slightly up, they are still one of the lowest in recent history. The trend prompts many borrowers to refinance home loans, Miami, FL. They are taking advantage of the current rates for the opportunity to save.

So, are you going to jump on the bandwagon? Should you strike while the iron is hot? Below are the answers to some of the most common questions regarding mortgage refinancing:

Is refinancing my mortgage a sound idea right now?

As of this writing, December 15, 2021, the national rate for a 30-year fixed refinance is 3.21% (data provided by Bankrate), an increase of 5 basis points since the same time last week. However, it is still quite a good number compared to several years back. That means to say, today, when you refinance home loans, Miami, FL, it can be an opportunity to lower your current interest rate. Take note that refinancing is all about capitalizing on record-low interest rates.

Does refinancing lower my monthly payment?

With the current trends, when you refinance home loans in Miami, Florida, you will likely save on mortgage payments when you can secure a lower interest rate. Put it this way: the less interest that accrues with your loan each month, the less money you will have to pay overall. Besides, if you switch from a 30-year loan to a 15-year loan, your lender will likely give you a better interest rate, which also helps you save.

Can I negotiate for a better refinance deal?

There are several ways you can negotiate a mortgage refinance deal. For example, when your finances are in good shape, they can give you a better offer. Apart from that, you may want to explore some of the lender fees as you can also possibly score a great deal in this area. The bottom line is that the stronger your application, the lower is your refinance interest rate.

What are the things to consider to qualify for refinancing?

Qualifying for a mortgage refinancing is similar to qualifying for a new home mortgage. But here are some specifics you should take into account:

  • Refinance servicers would want to see that you have sufficient income to cover the cost of the new home loan;
  • You have not taken too many debts;
  • Your credit score should be in good shape;
  • You have a sufficient amount of equity built up in the home to borrow against (this is if you are doing a cash-out refinance)

Are you planning to refinance home loans, Miami, FL? HomePlus can help you go through the process with ease. Contact us today at 800-810-PLUS (7587).