Updating your Florida mortgage with a refinance
Homeowners with an existing mortgage may be eligible to refinance. Refinancing has many benefits including a lower payment, the ability to get cash and the ability to consolidate higher cost debt. If your goal is to lower your payment, you need a refinance loan with a lower interest rate or a longer maturity term. The other benefits, cashing out and consolidating, are possible only if you have equity in your home. If your home has increased in value or you’ve reduced your loan balance, there’s probably some equity.
