Thursday, December 3, 2015

What You Should Know About Getting a Refinance Mortgage in Florida (part 2 of 2)

Make sure your credit report is acceptable.
A lot of things ride on your credit report – foremost, of course, is your ability to get a refinance mortgage loan in Florida.  If you have good credit standing, have never had a late payment on any of your loans, can boast of no defaults, you will be considered as a trustworthy borrower.  As a result, you get better treatment – and better refinance mortgage rates.

Furthermore, you don't have to go around begging for loan companies to accept your loan application.  If your credit standing is good, you can expect lenders to give you a better deal.

Use your home equity.
If you have a home in Florida now and are thinking about refinancing in the future, make sure to take care of your property.  By keeping your home attractive to future buyers through care and maintenance, you will help raise its equity.  Should you decide to refinance your mortgage years later, you will be able to expect good loan rates.

Get several quotes.
Don't be shy about shopping around.  If you can get a better deal with one lender, why stick with another?  Look for lenders offering good rates and then examine what those rates entail.  Be careful about the fine print, particularly where fees and charges are concerned.  Study the structure carefully.  It's guaranteed that getting surprised by hidden fees will not be pleasant.

Make sure you get quotes from at least 3 different lenders in Florida before you make your decision.  If lenders offer you advice or information, take these down.  You'll find them useful later.  A refinance mortgage is still a loan, albeit a new one.  If you do comparison shopping for rates, you're more likely to land the best deal on your new loan.

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