Financing in 33647>Question Details

Dean, Home Owner in Toronto, OH

Mortgage: I have an existing 30-yr mortgage / 6.0% in good standings throughout. I am Canadian w. Florida home. Need to lower mort rate. How?

Asked by Dean, Toronto, OH Thu Dec 22, 2011

Please advise on how to opt-out of current fix rate of 6.0% to take advantage of new low rates of 3.91%.

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Deborah Garvin’s answer
Dean, Contact a licensed mortgage professional in Florida (or at least someone who knows Florida financing laws....I do; however, am not licensed in Florida). Refinancing is pretty straight forward as long as you have income, credit and sufficient equity in the property. Remember that anything less the 20% equity on the home means you would have mortgage insurance. Adding that amount to the mortgage payment may make refinancing look not so rosy, despite the improvement in rate. Also, if it is an investment property there is a substantial increase in the rate, or the fees. Again, refinancing may, or may not, make sense. The only way anyone on the forums could give you explicit detail about financing would be to get explicit detail about your specific situation....better done offline. Best of luck to you!
1 vote Thank Flag Link Thu Dec 22, 2011
I represent a bank in and lend in Florida. Please call me to discuss 866 596 6356.


0 votes Thank Flag Link Mon Mar 25, 2013
Please feel free to contact Carol Chase to answer your mortgage questions here in Tampa, FL.

Carol Chase HOMEBANC
Office: (813) 749-2947
Mobile: (813) 817-2040
E-mail: Carol Chase
Web Site:

Hope this helps. - Cheryl Bailey
0 votes Thank Flag Link Fri Jan 20, 2012
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