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Five Stars Florida

Florida's leading home loan mortgage resource - USDA, FHA, VA

By Five Stars Mortgage | Mortgage Broker
or Lender in 32257
  • FHA Refinance Options Florida

    Posted Under: Financing in Key West  |  December 27, 2011 7:46 AM  |  799 views  |  No comments


    Many Florida homeowners know the mortgage industry is still recovering from the impact and devastation left by the decline of the world economy a few years ago. Investments have increasingly become trickier and good paying jobs are so much more elusive than ever before.

    As such, it gets a lot more challenging to even pay the interests on debts and loans let alone paying off the principle. Therefore, it becomes extremely important to cut costs or save wherever possible and refinancing through FHA home loans is one very viable alternative.

    We have listed below the five most influential factors why you should seriously consider a FHA refinance home loan 

    1. Consolidation

    Consolidating your debts to effectively pay it/them off at lower interest rates is probably the most important reason of all. Credit card loans, which have the highest interest rates around, can be fully paid off. The same can be said of student and car loans. When these are all consolidated through a Florida FHA loan, you would have a bigger opportunity to start saving big.

    2. Extend the terms of repayment

    Refinancing using an FHA mortgage allows borrowers a longer period of time to pay off their monthly obligations.

    3. Low interest rates

    Lightly mentioned in number 1, it would be of great advantage to collate all outstanding debts which have varying interest rates, into one monthly repayment obligation. Doing this through an FHA home loan literally guarantees you a low interest rate on a longer repayment term. FHA 30 year fix rates are currently at all time historic lows!

    4. Fixed rates

    To have a fixed monthly rate on your mortgage, which and FHA loan allows you to do, provides the borrower the opportunity to manage personal finances more accurately. Variable rates simply do not allow this to happen at such a degree.

    5. Switching lenders

    There are many advantages made available to the borrower when he/she switches lenders such as flexible term on loan repayments and various other options that can be greatly beneficial as well. You would have to carefully compare options before deciding.

    Overall, FHA refinancing needs a little foresight before being undertaken. However, consider the options of not having to refinance your loans or debts; you would have to continue making different payments on a monthly basis and would have to keep track of a lot of details on each of those obligations. You would have to be wary of fluctuating interest rates, keep track of due dates to avoid expensive penalties and, perhaps the most difficult, try to manage all your finances to maintain a good credit score.

    Five Stars is Florida’s leading FHA home loan resource. Servicing all of the Florida Keys including – Key West Fl, Key Largo, Marathon FL, Islamorada FL  please call us or fill out the short information request form located here on our home page.

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