Tampa Bay Mortgage Refinance | Reasons to Refinance Your Mortgage

Mortgage and Lending with Your Tampa Bay Mortgage Source

Istock_000004897642xsmall Refinancing your mortgage loan can be a big decision for consumers.  These days it's not just about getting a lower interest rate on your mortgage, there are many reasons to refinance.

Of course, the biggest reason:  Lower your interest rate.  This is one of the main reasons people refinance their mortgage.  You can get a lower monthly payment and that can make a big difference in your monthly budget and the interest you pay over the term of your loan.

Another big reason in today's market:  Get out of your adjustable rate mortgage (ARM).  In the past couple years, many people were put into an ARM to save on a monthly payment or to qualify to get into their first home.  The downside of these mortgages is when the adjust.  That attractive rate now becomes a monthly burden when it adjusts.  Many people at this point look to refinance to get the stability of a fixed rate mortgage.

Credit changes can also be a reason for refinancing.  Some homeowners have to take a higher interest rate if their credit is bruised.  When the time comes that their credit is in a better standing, they could consider refinancing to a lower interest rate that they would qualify for.

Some consumers have the flexibility to change loan terms from a 30 year loan to a 15 or 20 year loan, thus building equity faster.  If a consumer is in a position to afford the monthly payment on a shorter term loan, they save a large amount in finance fees and pay down the loan balance faster

Another reason to refince is to pull out equity you have established.  By utilizing a cash-out refinance, a homeowner can use the equity they have to turn into cash.  It could be to pay off credit cards, do repair work on a home, finance college costs or just personal spending money.

Whatever the reason may be that a homeowner needs to refinance, I am committed to discussing the options with you and helping you determine what program are available and what makes the most sense.  I am keeping a close eye on interest rates and now is a great time to consider a refinance. Please contact me for a complimentary consultation.


Your Tampa Bay Mortgage Professional

Leah Ross, XCO, AmeriFirst Home Mortgage

Please feel free to contact me via email at LRoss@AmeriFirst.com or Phone 813-643-8430 or 269-488-9527

Comments (5)

Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
Leah, Glad to see your back! Great post as well. With the credit crunch in full swing if people want to pull out equity from there homes sometimes by refinancing is the only answer because it is so hard be approved for a HELOC in todays market.
Mar 20, 2008 12:32 AM
Katrina Madewell
Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196 - Tampa, FL
Tampa FL Homes for sale | Tampa Bay - (813) 777-1196
Yeah I think HELOC are a thing of the past at this point.  Nice post.  Good to see you in the Rain!
Mar 24, 2008 08:40 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

LEAH?   DO I know you?   ;o)  Yes, good to see you back. I actually was away for the last 13 days until today.

In any case, a quick little post breaking down the certain reasons to refinancing.  Nice job.... and again, welcome back.  And I need volunteers to help with the mortgage pro week in review. Which is where I found this post. 

Calling all loan officers...... and anyone else daring.... The Mortgage PRO Week in Review   let me know if you can do a week...  thanks

And PS... don't forget about what I had mentioned, about credit scores down to 500.  And I can do the new FHA jumbo loans down to 580.

jeff belonger
Mar 29, 2008 03:33 AM
Bob Bauer
Law Offices Of Lynn Ramey - Tampa, FL


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Bob Bauer
Account Executive
1410 N. Westshore, Suite 450
Tampa, Florida 33607
Main  (866) 515-1915  ext. 451
Fax    (800) 980-5844
Cell    (813) 965-3700

Jun 13, 2008 06:24 AM

good info... maybe you can bring it over for consumers at Realestateloans dot com??

Dec 05, 2008 02:51 AM