Jacksonville Refinance

apply-now-todayRefinancing is a tool that you can use to gain new mortgage benefits. The process is very similar to the one that got you your old mortgage i.e. the same inspections and similar fees, but the difference is that you are probably not buying a house this time, but getting a better mortgage deal.

Why go for Jacksonville Refinance

One of the major benefits that many home owners look towards while refinancing is saving money. But there are other benefits to refinancing as well which get these home owners convinced on the idea.

Lower Interest Resulting in Lower Monthly Payments

The market conditions and your personal finances during the time when you got your first loan might not have been the same as the current conditions. These fluctuations might result in lower interest rates and lower monthly payments for you in the current conditions.

Payoff Term Length of the Mortgage

Reducing the length of your mortgage term would mean you would be paying a higher monthly amount, but in the end you will pay less because of reduced interest. Increasing the term however would mean that you are paying less monthly but your overall cost would increase. The latter has more short term benefits while the prior has more long term benefits.

Increase Your Principal and Avoid Private Mortgage Insurance

Jacksonville Refinance will help you avoid the unnecessary PMI especially when you do not even have to pay it any longer.

ARM or Fixed Rate Mortgage

ARM is the Adjustable Rate Mortgage in which the rate gets adjusted depending on the interest rates of the market. Most people get uncomfortable with the market fluctuations, and they might feel comfortable with a fixed rate. Some people, however, are great at predicting market changes therefore feel more comfortable with ARM. There are also different kinds of ARM available with different terms.

Cash-Out Refinance

This means raising your overall cash by taking a huge loan that will pay off your previous mortgage as well as have money for other things like refurnishing your home, or college tuition. The down-side of this type of refinance, however, is that you will increase your overall debt, and interest rates are not always fixed.

Consolidate Debt

You can do this by taking a mortgage loan that is large enough to pay off your credit card and other debts along with your old mortgage. This way you have one payment to make per month rather than so many, and also get the benefit of lower interest rates.

Want to know more about Jacksonville Refinance? Why not call First Nationwide Lending at (877) 442-4023 for more information.

First Nationwide Lending offers a variety of financial loans in order to make home ownership a reality for anyone – we offer: purchase mortgages, refinance loans, FHA home loans, USDA mortgage loans, jumbo mortgage loans, HARP 2.0 mortgages, VA loans, and reverse mortgages.

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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