With the run on low interest rates we’ve had in recent years, millions of homeowners have taken advantage of this and refinanced their mortgages. That can be to your great advantage, of course, but there are also some drawbacks to doing that. Let’s take a look at this in more depth, so that you know the answer to the question, “Should I Refinance My Florida Home?” or in any location for that matter.
It’s generally a good idea, for example, to do a Fl refinanceif you either qualify for a much lower interest rate than you did when you bought your home, or if interest rates have dropped significantly compared to when you bought your home. By refinancing, you’ll significantly reduce your mortgage payments, and by “rolling the difference” into your new mortgage, you could conceivably cut the balance of your 30 year mortgage down to a new, 15 year mortgage with about the same mortgage payments monthly. That saves you both time and money.