If you are a current Florida homeowner who purchased a home when interest rates were high, now is a great time to refinance or purchase a new home. mortgage rates in florida are currently well under five percent, making for large savings in monthly payments when you purchase a home or refinance. A Florida mortgage company can give you all the information you need in order to find a home loan with the best Florida mortgage rates.
Home loans are now available that reflect low Florida mortgage rates. If you wish to refinance your current fixed-rate or adjustable-rate mortgage, you will find that the Florida refinance mortgage rate is ranging from 4.750 percent to 2.990 percent, depending on the type of loan you choose as well as the length of the loan, with the understanding that the loan would be for $200,000 and that your credit rating is in the excellent category.
The first choice will be to decide if you want the florida mortgage interest rate applied to a fixed- or an adjustable-rate mortgage, also called an ARM. A fixed-rate home loan means that there will be no changes over the loan term in regards to the mortgage rates. Florida homeowners choose this type of loan when they will be staying in the home for many years and want a steady loan payment amount with unchanging Florida mortgage rates. Others will want to consider loans with adjustable mortgage rates in Florida. These home loans can be a great choice if you do not plan on staying in the home for long before reselling it, because during the initial grace period of the loan you will pay a lower monthly payment based on the Florida mortgage rates, but at the end of the grace period the monthly payment amount changes to a higher fee due in part to a change in mortgage rates. Florida homeowners can begin with an ARM, and before it adjusts, can refinance and switch to a fixed-rate loan should they decide to stay in the home for the long term.
If you have unsecured credit card debt, you might want to look into refinancing and debt consolidation. With a lower Florida refinance mortgage rate, you will have not only a lower monthly house payment to make, but the equity from your home can be used to pay off or down your credit card debt, lowering your overall monthly payments considerably. With a great Florida refinance mortgage rate in place, you can get rid of unsecured debt and may be able to write off your secure home debt on your taxes.
To learn more about current mortgage rates florida home buyers will want to contact a Florida mortgage company, who can provide them with up-to-the-minute Florida mortgage rates’ information.