Mortgage Refinance In Florida
Mortgage Refinance Loans In Florida
What is a Mortgage Refinance or Cashout?
When you want to cash out or refinance your mortgage, you are asking lenders to approve you for a new mortgage that is worth more than the existing loan you’re currently paying off. The difference between your new mortgage and the balance on your previous mortgage is given to you at the time of closing, which you can use for home improvements, paying off debts, etc.
Lenders like us will require a home appraisal to determine the current value of your home against what is owed on your existing mortgage. For example, if the prices of homes in your neighborhood’s zip code have increased since the time you made your initial purchase, it’s possible you can borrow more money for your refinancing.
Thinking of refinancing your mortgage? We can help.
FAQ's About Mortgage Refinance
Mortgage Refinance VS. HELOC
First, we’ll cover what a HELOC is. HELOC stands for home equity line of credit, which is effectively a second mortgage with an additional monthly payment. However, HELOCs don’t work like traditional cash out refinancing because you don’t have to take the money out of the line of credit all at once. Instead, you can borrow as needed throughout the draw period and repay the borrowed money (plus interest) throughout the term of the repayment period.
How to Get a Mortgage Rate Refinance in Florida?
First, you’ll want to make sure that your financial situation is as solid as it can be. This means getting your credit and debt under control so that you can shop around for the best possible refinancing rates. Then, you can contact lenders like us to see what types of criteria you’ll need to meet to qualify for home refinancing in Florida.
How to qualify for a Mortgage Refinance in Florida?
Qualifying for mortgage refinancing in Florida is different for every applicant. Still, general requirements include:
Solid credit score
Consistent credit history
No major credit blemishes or issues in the past couple of years.
Credit score requirements will depend on if you’re refinancing an FHA loan, VA loan, conventional loan, etc.
What is the difference between a HELOC and home equity loan?
A home equity loan allows homeowners to borrow a fixed amount of money from lenders that they pay back with a fixed interest rate. These loans are effectively a second mortgage and are ideal for homebuyers who may need cash fast for something like a significant renovation project or other major purchase.
HELOCs, as mentioned above, are home equity lines of credit. Instead of taking out a lump sum of cash all at once, you can draw from the HELOC slowly as your renovation project (or other projects) requires funding.
How do I get pre-approved for a Mortgage Refinance?
To get pre-approved for a mortgage refinance, you will want to collect information on items like:
Your most recent mortgage statement, which includes information such as the principal balance, interest rate changes (if any), current payment amount, and the payment breakdown of your existing mortgage.
Income documents (pay stubs, tax returns, etc.)
Total amount of monthly obligations
Once you’ve gathered all of that information, we’ll analyze your financials to determine if you qualify for the pre-approval. We’ll consider things like projected monthly payments on the new refinance loan, other loan payments or debt (credit cards, etc.), alimony or child support, and so on.
Do You Lose Equity When Refinancing a Home?
If you use some of your refinance loan amount to cover closing costs, you may end up losing equity in your home. Don’t worry; as you continue making payments on your new mortgage, you’ll rebuild some of that lost equity as property values increase over time.
Want more information about Refinancing? Leopard Lending SI is here to help answer all your questions about the process. Reach out today!
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These calculations are estimates and are not guaranteed for any particular loan.
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal