Conforming Refinance
Rates are currently at a historical low. Taking out a conforming loan to refinance your Florida mortgage can be a “Stress-Free” and easy process if you work with the right company. A conforming refinance will allow you to cash out some of your equity, or you can simply refinance to reduce your rate and/or term. However, there are limits to how much you borrow against the equity in the property. There are also options to have a “no closing cost” refinance if your loan amount and credit score are high enough.
The basic factors the lenders look at when refinancing your mortgage are: how much you owe compared to the appraised value, credit score, credit history and income. Not everyone will qualify for a refinance due to stricter underwriting requirements for credit and income. If you are considering refinancing, call me to discuss it. There is no cost or obligation to call and discuss your situation. It is important to know what your options are and be certain that a refinance is right for you.
Your home is one the most valuable assets you have and it is important to make the right decisions when it comes to refinancing. If you lock into a low rate now, it will not only save you money right away in the lower monthly payment, but also over the life of the loan. Example: If you have a mortgage that had an original loan amount of $300,000 with a rate of 5.5% for 30 years, the principal and interest payment would be $1,703.37. If you refinance that same loan amount of $300,000 with a rate of 4.375% for 30 years, the principal and interest payment would be $1,497.86….that is a monthly savings of $205.51 or $2,466.12 a year! So, it is worth the call to see if refinancing your mortgage can save you money.
Refinancing your mortgage should always leave you with one of the following benefits:
• Lower Monthly Payment
• Reduced Mortgage Term
• Change from an Adustable rate to a Fixed Rate
• Cash Out for Debt Consolidation, Home Improvements or College Tuition
If you decide to refinance your mortgage, the basic documentation you will need to provide is:
• Copies of the your last 2 years tax returns
• Copies of your last 2 years W2’s
• Your last 30 days of paystubs (if not self-employed)
• Copies of your recent checking, saving and investments statements
• Signed mortgage application package (you can apply right on this website by clicking on the “Click Here Secure Online Florida Mortgage Application” tab on the right of this page)
Depending on your credit, the underwriter may ask for additional credit documentation however, that will be determined after reviewing your credit report. Once you submit this information, the processing of your file will begin and the lender will order the appraisal, title search and all the other items required. Call me to discuss your mortgage and to see what refinance options are available for you. For immediate assistance call me directly at 561-291-2831.
