In Florida, people who have a mortgage on a property should keep track of trends to determine if they would benefit from a refinancing opportunity. Since the rates can fluctuate, it is wise to pay attention to possible openings to get a favorable rate and improve their financial situation. They can reduce their payments and even take cash out. This is especially important given the current health situation engulfing the state and the nation. With so many people who are suffering from a decline in income, job loss, medical costs and other challenges, refinancing could be exceedingly beneficial. Having legal advice to move forward can be helpful.
More than 19 million people across the nation can refinance their mortgage
Home values have been spiking significantly. According to statistics, more than 19 million people in the United States may save if they refinance their mortgage. The highest number of homeowners who stand to benefit are in California, but Florida is second with 1.4 million people. On average, the interest rate for a 30-year fixed mortgage has repeatedly gotten lower and lower throughout 2020. The most recent low was 2.72% based on Freddie Mac’s average. The number of people who could benefit is based on several factors that categorize them a “high-quality” candidates.
Status as a high-quality candidate is based on people whose credit score is at least 720 and who have 20% equity in their property. They could cut a minimum of 0.75% from their rate if they successfully refinance their mortgage and add up to an average of more than $300 each month. The numbers could be higher for some borrowers with it possible that they would save up to $500 each month. There are other options for those who need cash as they can use their equity to get a line of credit or take cash out with a refinance.
Refinancing a mortgage may require legal help
Real estate transactions and mortgages can be complicated regardless of what the person is trying to accomplish. Whether it is getting a first mortgage and financing it, refinancing a current mortgage, deciding to sell a property or for any other real estate decision, having legal assistance can be critical for a positive outcome. Calling a firm that is caring and experienced can be beneficial from the start and should be done as soon as possible for guidance and assistance.