Florida Mortgage : Learning Center

If you have been thinking about refinancing your current FL VA home loan to a lower fixed rate; now may be the time.  Interest rates are expected to slowly increase from today’s available lower VA fixed rates.  There are huge advantages (less hoops to jump through) many FL Veterans enjoy when considering to streamline refinance their VA home loan with IRRRL.

IRRRL stands for Interest  Rate Reduction Refinance Loan and many refer to it as a streamlined refinance program for VA home loans.  The biggest advantage is there is no requirement for an appraisal.  Although in today’s declined market situation, many lenders or banks may ask for a drive-by appraisal to determine equity position. 

Typically credit reports are streamlined as well; reviewing only the previous 12 months of mortgage payment history.  Each lender is different so remember to ask.  Remember too, there are no income requirements – so income qualifying is not an issue with a VA IRRRL loan.

The VA funding fee is reduced to just 0.50% and can be paid in cash or rolled into the new VA mortgage loan amount.  And even though you cannot receive more than $500 as cash-out; everything else is typically rolled into the loan amount allowing the Veteran not to bring any cash to closing. 

For more information on VA IRRRL streamlined refinance loans please call your experience FL VA mortgage professional or contact us today.

We have all seen them.  Advertised FL mortgage fixed interest rates that seem too low or too good to be true.  Whether you are looking at FL FHA mortgage rates, FL VA home loan rates or conventional loan rates; some rate seem much lower than any others.  Some are printed in the local newspaper and can be easily compared to other local lender rates.  Others are advertised on the television with promotions like; this sale ends on November 30; or fixed rates under 4.5% (currently?).  Thousands of mortgage lenders or banks advertise their mortgage rates everyday on the Internet.  And some of those rates are awesome – or are they?

The truth about advertising interest rates for home buyers to compare is; not everyone is advertising within the same parameters.  Many newspaper ads come with a fine printed disclaimer which states the interest rates advertised may include a discount point of 1% or an origination fee of 1%.  Television ads are the same – the devil is in the details – or very fine print.  If you have a large screen and can pause the ad; try reading the disclaimer about their interest rate.  One very well known company claims that the rate displayed includes 2 discount points!  Wow – that’s expensive.  And the Internet marketers for mortgage rates always have a small link located somewhere on their interest rate page.  That link will provide details like additional discount points, additional lender fees, and more.  The rate all of a sudden doesn’t look that attractive.

Yes – in today’s FL mortgage markets you must either read the fine newspaper print; purchase a larger television so you can see the details; or spend hours online searching for the truth about that low fixed mortgage rate.  Or – you can call an experienced and trusted Mortgage Professional; who will provide an upfront Good Faith Estimate detailing everything for fair comparison.  Remember, if it’s too low, look for the truth or pick up the phone, inquire and ask for an upfront Good Faith Estimate.  If you have any FL mortgage question related to interest rates please email or call 321-987-9876.

Interest rates have dropped againfor those Florida Veterans who may want to lower their fixed VA loan rate.  Many Veterans that already have an existing VA home loan should consider using the VA interest rate reduction refinance loan or the IRRRL.  This type of refinance usually requires no appraisal and no income qualifying which makes qualifying for a lower fixed VA rate simple.

Another type of VA refinance is the cash-out type loan.  Today, qualified Veterans can elect to refinance their current Florida mortgage and pay-off additional debts.  The maximum amount allowed is now 100% of the homes current value.  This can help many Veterans by lowering their monthly payments with today’s 30 year fixed VA mortgage.

For more information regarding your VA Florida mortgage opportunities; contact our VA Mortgage Professionals at 888.399.0520.

As you can imagine, many of the calls and emails we are receiving are for Florida home pourchase mortgages.  Everyone is taking advantage of great Florida home prices as foreclosures and short-sales open the door for first time home buyer opportunities.  But Florida home owners need to make sure they take time to review their current mortgage for any improvements.

With the fall of Florida home values, Florida home owners are finally getting around to reviewing their mortgage options with Florida Mortgage Professionals.  Most considerations are whether refinancing makes sense or should the home owner sit tight with their current mortgage.   Some are reviewing the savings by changing their current ARM, adjustable rate mortgage, for a fixed rate mortgage.  Perhaps with a lower term. 

This depends on many factors and I recommend at least speaking with an experienced Florida mortgage consultant for insight and advantages or disadvantages.  For immediate, free, consultation please call our office now at 888.399.0520 or email me at BeechTree Mortgage, Inc.

Many Floridians are considering refinancing out of their ARM, adjustable rate mortgage, loans.  Refinancing now to obtain a lower Florida fixed rate loan can ease the stress of interest rate adjustments.  Choosing which fixed loan term may put a smile on your financial future.

Most home owners consider to refinance their adjustable rate mortgages into the popular 30 year fixed rate.  This allows a lower monthly payment but forces the homeowner to repeat payments already made.  There are other fixed rate mortgage loans available with lower terms and lower fixed interest rates.

These include, 25 year, 20 year. 15 year and of course the 10 year fixed rate mortgage.  By refinancing to a lower fixed rate term; you can actually save thousands in interest payments.  With every payment, more money goes towards the principal because the loan has a shorter term.  And lower termed fixed rate mortgages may come with surprisingly lower fixed rates. 

Call 888.399.0520 or visit your Florida Mortgage Professional for more details regarding lower fixed rate mortgage options.