What does it mean to Refinance?
Refinancing a mortgage involves replacing your current mortgage with a new one. Essentially, you are paying off your old loan and obtaining a new one with different terms. This may include securing a lower interest rate, extending the term of the loan, or changing from a fixed-rate to an adjustable-rate mortgage.
There are several options available to home owners when it comes to refinancing their home loan. Whether you are looking to refinance your Naples, FL home to save money on your monthly mortgage or use the equity in your home to get cash back, we can help!
Who is eligible to Refinance a Home?
If you are a homeowner with a mortgage, you may be eligible to refinance your loan if you meet certain requirements. These include having equity in your home, meeting the minimum credit score requirement, providing proof of income, having a favorable debt-to-income ratio, and having proof of steady employment. The eligibility requirements can vary depending on the lender and the type of refinance loan you're applying for. By meeting the eligibility requirements, you may be able to take advantage of lower interest rates, reduced monthly payments, and other benefits that come with refinancing your mortgage. Contact us today to see if you meet the specific requirements and to determine your eligibility for refinancing your home.
What are the benefits of Refinancing?
Refinancing can provide several benefits, including lowering your monthly mortgage payments and shortening your loan term. By shortening your loan term, it will help you to save money on interest and pay off your loan quicker. Refinancing can also allow you to consolidate high-interest debts like credit cards into one lower interest mortgage payment. Since interest rates can fluctuate, refinancing can allow you to secure a better interest rate than you had when you initially purchased your home.
Should I Refinance my home?
Southwest Mortgage Solutions has several options available to help all home owners with their mortgage refinance. With so many rates and terms available, it may be hard to decide which loan is the right one for you. We will asses different aspects that may affect your loan such as your current rate and payment and how long you plan on staying in the property to ensure you save as much money as possible while getting excellent service.
Our priority to our clients is to provide favorable terms and help you shop for the best loan. We've been helping Naples residents for years, and want to be the first company you turn to for all of your mortgage needs.
Contact SW FLORIDA MORTGAGE SOLUTIONS, INC today to see if you are eligible to refinance your home and save money over the life your remaining loan!
