Planning to apply for a mortgage loan? Before you even call a prospective broker, it is imperative that you fully understand why it will work to your advantage if you are able to get lower refi mortgage rates, Fort Lauderdale. Note that the decision you make on your mortgage loan will have a great impact on your life in the long run. So you need to be careful in your action; act only based on the goal you want to achieve.
Here are some of the reasons why you apply for a mortgage loan when there are lower refi mortgage rates, Fort Lauderdale:
To take cash out. This is done by refinancing your mortgage for a higher loan amount than what you owe and take the difference. And, take note, the amount you receive is tax-free. Indeed, one compelling reason to go for a mortgage loan with lower interest rates. R
An opportunity to save. This is another reason why you might consider refinancing your mortgage when the interest rate has dropped. According to the White House, the average homeowner could save about USD 3,000 a year by taking advantage of it. So, why not? But the question remains: what should be the threshold to justify mortgage refinancing application? Well, many homeowners have varied preferences; some are okay with 0.5% others want as high as 2%. Just do the math and decide based on the figures you are comfortable with.
An opportunity to lower your monthly payment. This is considered as an ‘extreme’ case, but supposing you face such a situation, refinancing could be a good course of action you can choose. There may come a time in your life that paying your current monthly mortgage due will become a burden. Refinancing offers an opportunity to take some of that burden off your shoulder. That is, when you refinance your mortgage to a term that is longer than what is left on the mortgage, reducing your monthly dues.
Want to learn more about the benefits of lower refi mortgage rates, Fort Lauderdale? Talk to an expert at HomePlus Mortgage today.
Call us today at (512) 949-3385.
