Top Tips for Refinancing a Mortgage in Tampa, Florida
Tampa is located on the west coast of Florida and has a population of over 350,000. This great city is home to hard working Americans, who are part of a growing community. In recent times however, mortgage rates have dipped considerably in Tampa. A lot of people do not realize this, but it is a great time to consider refinancing. The low rates mean that people could save on a lot of costs. If you even have 20% equity in your home or a credit score of 740 or better, then you must consider applying for mortgage refinance.
Don’t Settle on a Deal
Mortgage rates vary, depending on a lot of factors, so it is always a wise move to look around for a better deal rather than taking the first one that you get. Even a 1% difference in mortgage rates can affect your finances significantly over the long run. Also, consider the service and extra fees before making any decision. Do some research and compare the available options.
What’s your Break Even Point?
People who already have mortgage deals on low rates should skip refinancing as the closing costs of a new deal can be massive. You should only take up refinancing if your mortgage rate is cut by 0.5% or by more than what you are paying. Also, analyze the amount of time it will take to recoup your closing costs.
Consider “Cash in” Refinancing
A “cash in” refinancing is one where homeowners swap existing loans for smaller mortgages. These deals allow homeowners to increase their home equity to 20%, which is the minimum requirement of most refinancing deals.
Confirm your Rate Lock
An increasing number of people in Tampa are applying for refinance mortgage, so it is imperative that you ask the bank to lock your rate. This way, it won’t be changed, no matter what the circumstances. Homeowners must consider a 60 day lock rate so that they can close the deal.
People of Tampa, Florida must check out www.mortgagerefinance.com. It is a great website where you will find information about home loans, mortgage refinance, refinancing and mortgage rates. You can also use our mortgage calculator to check your financial information.