Reasons to Refinance

Home Refinancing FAQ

Home Refinance Loan

Now is a Good Time to Refinance Your Home! Interest Rates are Still Low.

With Home Refinance Loan, you can lower your monthly mortgage payments, take out some cash for home improvements,  or use the cash for personal use . However, there are a number of factors you’ll want to consider before making a decision, including:

  • How long do you plan to stay in your home?
  • How much lower is the new interest rate?
  • Will you be able to switch from a variable to a fixed-interest rate?
  • Will you be able to shorten the repayment terms of the loan?
  • What will the closing costs be?
  • How much equity do you have in your home?
  • Are you planning to take cash out when you refinance?

Your answers to these questions can help you decide if refinancing your home makes sense. In many cases, a number of these variables work together to tip the scale in one direction or the other.
For example, if you plan to stay in your home for a long time and are worried about what will happen to your variable rate mortgage in the years ahead, refinancing to a lower, fixed-interest rate can provide significant peace of mind for you and your family.

Ultimately, you’ll need to decide if the long-term benefits of refinancing outweigh your short-term costs. At a minimum, you’ll want to consider how long it will take you to recoup the closing costs associated with refinancing with the amount you will save each month due to lower mortgage payments.
Have Questions? Talk with a Qualified Loan Specialist Today!

What is the Difference between the Interest Rate and the Annual Percentage Rate (APR)?

The interest rate charged on a home loan is a straightforward percentage rate used to calculate how much you will pay for the benefit of borrowing money to buy a home.
On the other hand, the annual percentage rate (APR) adjusts the interest rate to include the other fees associated with a loan. Charges reflected in the APR include estimated closing costs, miscellaneous fees and mortgage insurance (if required).

The Truth in Lending Act requires all lenders to disclose the APR on the mortgage loans they advertise. As a prospective borrower, be sure to request this information before selecting a loan provider.
However, be aware that APRs aren’t always 100% accurate because they are based on estimated closing costs and lenders are permitted to round off by up to a quarter of a percent.
To Find Out Today’s APRs, Contact a Qualified Loan Professional for a No-Obligation Quote.

Should I Consider a Cash-Out Refinancing to Pay for Home Renovations?

Taking cash out of your home when refinancing can be tempting, particularly if you plan to use the funds to improve the property. However, as with any other financial decision, you’ll want to consider the pros and cons as they relate to your own unique situation.

Factors such as the current and expected future appraised value of your home, the amount of your new monthly payment, and the length of your new loan should be taken into account. In addition, you should also consider how much equity you currently have in the home and how long you plan to stay in it before making a decision. Finally, the true value of a home renovation can’t always be measured in dollars and cents. The added value or pleasure you derive from the newly remodeled space should also be considered. This can help offset the fact that you may not recoup every dollar you put into remodeling your home when you sell.

Should You Take Cash Out of Your Home for Improvements?

Call Today for a No-Cost Consultation

Should I Take Cash Out of My Home to Pay Off My Car Loan?

It may seem like a slam-dunk to pay off a large car loan with money taken from your home – and in some cases, it is. This is particularly true when:

  • You can deduct your mortgage interest from your taxes
  • Your after-tax interest rate on your mortgage is less than what you are paying on your car loan
  • The car loan doesn’t have a pre-payment penalty
  • Doing so won’t cause you to pay for private mortgage insurance (PMI) on your new loan

On the other hand, you need to consider if you want to spread out payments on that car loan over the next 15 or 30 years. This will negate the short-term savings associated with lower interest rates and will lock you into paying for that vehicle well beyond its functional life.

The best way to evaluate this decision is to consider the refinance on its own merits. In other words, does it make sense to refinance your home based on lower interest rates or shorter repayment terms? If this is the case and the above criteria are met, it may be a good financial move.

Next Refinance Process

Find Out If You Qualify for Our Special Refinancing Program

Call Us 954-416-1765

or Request Information

Florida Mortgage Solutions Group
4.9
Based on 37 reviews
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Olga Pazos
Olga Pazos
10:59 11 Mar 20
They made buying a home for the first time seem so easy and flawless. They were on top of every detail from day one! Jenny and Jenniffer were AMAZING through the whole process!! I highly recommend Florida Mortgage Solutions to anyone in the process of buying a home!!
ricardo antoine
ricardo antoine
17:20 04 Mar 20
Thank you so much! We are more than excited and ready to embark upon this new journey. We couldn’t have done it without all of you guys and the major roles you each played! We thank you all from the bottom of our hearts this process easy, guiding, as d worth the while! Ricardo & Regina Antoine
Sheila Matthew
Sheila Matthew
13:02 07 Jan 20
Valeria and her team did an awesome job making sure I closed on my new home. I would recommend them any day
Giselle Metiviet
Giselle Metiviet
19:45 18 Dec 19
Valeria went above and beyond with helping me with my home buying process. It was all worth it at the end. My calls and texts never went unanswered, even when it was well after working hours! I also want to mention Colleen, as she was very patient with me when there were times I wanted to pull my hair out! Valeria is very knowledgeable and will not stop until we get a full approval and a clear to close. She's amazing at what she does and definitely needs to be awarded for her hard work. Thank you so much to everyone that had their hands in my file and contributed to me owning my first house! Valeria and her team deserve the world!
Wyetta Ford
Wyetta Ford
12:05 23 Nov 19
Great experience. The team at FMS was helpful, timely and the process went smoothly. Highly recommend.
Lee Jenkins
Lee Jenkins
16:57 16 Nov 19
Mike, You and your very professional team have been our Preferred Mortgage Brokers for over 20 years. We love working with you to help all our clients get the best programs that fit their individual situations. We have had so many extremely wonderful experiences with you, especially when the families and individuals move into their new homes with those big smiles and happiness. We look forward to our continuing goal of making sure we both provide all our clients who we helped previously, now and in the future with absolutely outstanding service and expert advice. Thank You for being so dedicated to your profession of helping people. Warmest Regards as Always, Lee Jenkins
Carlo P
Carlo P
13:28 11 Oct 19
I want to thank Florida Mortgage Solutions group for all your help. The entire process was taken in a very professional and thorough way from start to finish. I want to thank the entire team starting with Mr. Gustavo Grasso who imparted his knowledge to ease the process of finding a home. I also want to acknowledge Mr. Erick Lynch and Ms. Anna Nashenko for their assistance on getting a loan. I am pleased to leave a review for you guys.
Dawnelle Owens
Dawnelle Owens
11:14 30 Aug 19
Working with Tony Mendez and team has been such an awesome experience. He was sure to keep me informed all of the upcoming steps in the process of purchasing our condo. Whenever I had questions he provided very thorough and clear answers. Jenniffer Alonzo, the junior processor, was very informative and always provided clear communication of what was needed and what was to come. As a first time home buyer, I must say that Tony and his team made the process flow effortlessly. From the beginning of the process to the loan closing, I would truly recommend him and Florida Mortgage Solutions to anyone looking to purchase a home!
Shema J
Shema J
17:25 21 Aug 19
I had the pleasure of working with Florida Mortgage Solutions Group to obtain a Loan to purchase a home. The team I worked with was very knowledgeable and dedicated to getting me the best rate. They were polite and very patient throughout the process. A special thanks to Valeria B. and Jennifer A., they were very attentive and explained everything to me in detail. Every call/email was answered the same business day often within minutes. Buying a home is often a daunting and stressful process, with Florida Mortgage Solutions Group and what felt like was my own personal team, the process was a breeze and I could not be happier.
Jorge Ferraguti
Jorge Ferraguti
22:57 23 Jul 19
Great professional team! The staff is really helpful and knows your needs. Anna is a great processor, always in constant communication to get the process well done.
Aarona Jordan
Aarona Jordan
22:57 28 May 19
Thank you Mike and staff at Florida Home Mortgage! Your professionalism and sincere dedication to guide us through this process was felt every step! I'll tell every one, use an APP to order food, not get a mortgage- that deserves a TEAM. Thank you Mike!!
robin maza
robin maza
20:55 30 Apr 19
I closed my latest house purchase here. They were courteous, knowledgeable, and super easy to work with. I highly recommend!
Philipp Family
Philipp Family
13:59 30 Apr 19
Great team! Thanks to Anna Nashenko & Erick Lynch for their support funding and closing on my house. It was great working together. The constant communication and attention to detail helped us close right on time and with all parties on the same page every step of the way!
Hanh Dinh
Hanh Dinh
21:03 22 Mar 19
Great company & Staff. After trying to refinance our home and failed with different company and wasted our time , Mike and Lorna at Florida Mortgage Solutions Group came to the rescue and have helped us tremendously and got the transaction closed! Thanks Guys!!
Lazaro Dinh
Lazaro Dinh
21:03 22 Mar 19
Closed a Jumbo loan for us, did a great job, the entire team was very professional and I would definitely recommend.
Linda DiLorenzo
Linda DiLorenzo
17:31 25 Oct 18
I worked with Florida Mortgage Solutions to purchase my home. While it was a little rough in the beginning (no one persons fault) Mario Cervantes stepped up and owned the issues even when part of them were from my own doing. Once we got past the issues Mario, Mike and the rest of the Florida Mortgage Solutions team were just outstanding. My mortgage process was so smooth and easy and this new system they have to let you know where in the process you are via email is just awesome! Word of caution though - make sure you have all your “ducks in a row”, are upfront about everything and I promise you Florida Mortgage makes the entire process so easy that you are done before you know it and they will get you a mortgage. Mario was right there taking all my texts and phone calls no matter the day, time or reason even if it was just to tell me over and over and over and over that everything is going fine. Great company, great people and I would highly recommend them to anyone needing a mortgage. Be sure to work with Mario and Jennifer they won’t disappoint!
Fernando Mongalo
Fernando Mongalo
06:14 16 Dec 17
Great experience and super satisfied to all my needs towards our first home purchase
Leslie Moya
Leslie Moya
20:48 15 Nov 17
Tony Mendez has an Awesome Mortgage team. As a Buyer's Real Estate Agent, when my buyers are approved with Florida Mortgage Solutions, I know we have a Real-Time, Good-to-Go, Closing on our hands. Today my buyers closed on their new home, and Tony's team approved their loan in record breaking time! Thank You FL Mortgage Solutions! ☆ We couldn't have done it with out you ☆
leonel ramirez
leonel ramirez
16:10 23 May 17
my family and I are currently working on the details of my loan and they are very knowledgeable especially when it came to getting approved with a VA loan. Mike Lewis and his team of experts are the creams of the crop. first home for us and I wouldn't recommend anyone else to put you in the right place. thanks for all of your efforts and experience.
Calvin Ford
Calvin Ford
14:10 02 Mar 17
Tony Mendez and his team were outstanding!! As a first time buyer they were made our approval process smooth and stress free! I highly recommend!!
Ed Goldfarb
Ed Goldfarb
01:48 30 Nov 16
As a Realtor it is imperative anyone or firm my team and I refer our clients can make us look good. After two years working with Mike and Jenny, they have ALWAYS COME THROUGH. Even a $1.2 million buyer with low credit scores got a bank rate loan. Everyone that my team and I refer love them and so do we. BTW they also all my seller ingredients clients prospective buyers.
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