Refinance Your Florida Home Mortgage

By AJ Fanter
Local Lender Columnist
Jul 31, 2006
According to the Florida Association of Realtors (FAR), the median price for an existing single-family home in Florida rose by 27% from December 2004. This indicates that the Florida real estate market remains comparatively healthy and, that could mean that it's a good time to consider refinancing your Florida home mortgage.

Reasons for a Florida Refinance

There are many popular reasons to consider refinancing your Florida home. Some people opt to refinance in order to convert their ARM (adjustable rate mortgage) to a fixed-rate mortgage. Other people decide to refinance to change the terms on their loan (going from a 30-year mortgage to a 15-year mortgage) or get a lower interest rate. Another reason why people refinance is to access cash to pay off high interest credit card debts or make home improvements.

Interested in Refinancing?

If you've been considering the option of refinancing your Florida home, it is not only important to know exactly what the current interest rates are (and if they are moving up or down) but also the exact value of your home. According to FAR, despite the busy hurricane season, home sales were up 2% this year while the state-wide median price on existing single family homes rose by 27% over the previous December. This means that depending upon your home and where in the state of Florida your home is located, you may very well have built up a substantial amount of equity.

Decisions, Decisions

You may now want to access your home's increased equity through a refinance of home mortgage. If however you are currently watching rising interest rates with concern, it might also be a good time to consider switching from an ARM to a fixed rate mortgage. This will let you lock in your mortgage payments on your Florida at the current interest rates. If you're not sure about what your next move is, you may just want to find a local lender to help you make the right financial decision.

Sources
Florida Association of Realtors

About the Author
AJ Fanter is a freelance writer based in Reno, NV.