Is Refinancing Now a Good Time? Florida Mortgage Refinancing

Mortgage and Lending with Canopy Mortgage 89769

Is now a good time to refinance my mortgage?

Florida Mortgage Refinance 

With interest rates at or near record lows, it is at least worth considering refinancing to make use of the current low rates.

While rates are currently very low, Refinancing is not the best option for everyone, though now is a great time to at least re-evaluate your home mortgage to see if a refinance is beneficial to you.

In many cases a mortgage refinance could save you a considerable amount of money, or perhaps drastically reduce the time remaining on your mortgage if you restructure to a shorter term.

I offer a No Obligation, Free Mortgage Reviews – Contact me today to see if any of the following applies to you:

  •      Drop your interest rate (let me see how much lower your rate could be)
  •      Cut your monthly payment (you may save thousands a year)
  •      Reduce the length of your loan term
  •        Eliminate your PMI (Private Mortgage Insurance premiums)

With interest rates at or near record lows, it is at least worth considering refinancing to make use of the low rates.

CALL ME TODAY—let’s talk and see if refinancing may be a good option for you!

Leo Namiot -  Senior Mortgage Banker 904-712-1500


Low-documentation Refinances

FHA Streamline Refinance:  Faster process than typical full documentation mortgages. The FHA Streamline Refinance  often allowing borrowers to cut down on a lot of  paperwork and refinance without the need for an appraisal. The borrower’s original loan must be a good standing FHA loan. If you currently have an FHA Mortgage let’s review it and see if an FHA Rate reduction refinance is beneficial for you!

The VA IRRL (Interest Rate Reduction Refinance Loan),  is specifically designed for Veterans, is a great example of low-documentation refinancing. No appraisal, no assets , no income verification are required. If you have a VA Loan let me review your current VA Mortgage and see if an IRRRL refinance is beneficial to you.


Here are some reasons to consider a mortgage refinance

Lower your interest rate. A lower rate than what you’re now paying will decrease your monthly mortgage payment and reduce the amount of interest you’re paying.

Use your mortgage to get cash. If you refinance for an amount greater than what you owe on your home, you can receive the difference in cash, to be used as you wish.

Shorten your loan term.  With the current low rates , you may be able to refinance to a shorter loan term and pay about the same each month. For some homeowners, it may even be possible to shorten your loan term AND pay less each month.

Build equity in your home quicker. With lower monthly payments, you may be able to make additional payments and build equity in your home more quickly.

Roll closing costs and fees into your new loan.  You may be able to include your closing costs in your new loan and still end up with a mortgage that’s smaller than your original loan—with a lower interest rate or lower monthly payment. In some cases we can even explore a lenders paid closing costs option. Just be aware that with Lenders Paid Closing Costs the rate is high on the loan to cover the costs. This is certainly an option we can explore to see if it makes sense for your situation

Debt Consolidation: Refinance to some of the lowest rates in decades, and get cash to pay off your higher-interest debt. Don’t wait. These low rates won’t last forever!


Make one low monthly payment instead of several, and pay less overall every month. Unlike credit cards, the interest is usually tax deductible.*

Remove the cost for mortgage insurance (MI). If you’ve reached 20% equity in your home and have an FHA loan, you may be able to refinance to a Conventional loan and remove the MI cost.

Convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. Interest rates and monthly mortgage payments for an ARM can increase or decrease based on market conditions. So many people prefer to switch from an ARM to a fixed-rate mortgage that has a steady interest rate and steady month payment, which is easier to plan for and budget. But even if you decide to stick with an ARM, you may be able to refinance and get one with better terms.

CALL ME TODAY—let’s talk and see if refinancing may be a good option for you!

Why pay more than you have to? Don’t miss your chance to take advantage of mortgage rates at their lowest in several decades.


Leo Namiot

Senior Mortgage Banker


NMLS# 89769




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