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- Refinancing for a Lower Payment:

Qualifying for a lower mortgage interest rate will lower your monthly payment amount; however, there are other ways to get a lower mortgage payment. Interest rates are just one factor that determines how much your payment will be. The other factor is your mortgage loan?s term length. Term length is the duration of your loan and by choosing a mortgage with a longer length you can significantly lower your payment amount. Common mortgage term lengths are 15 to 30 years; however, there are now 40 and 50 year mortgages. The downside of keeping a loan for this duration is that the total finance charges you pay go up significantly the longer you keep the loan. You will also build equity at a much slower rate by choosing a loan with a longer duration.

- Refinancing for a Fixed Interest Rate:

If you purchased your home with an Adjustable Rate Mortgage because qualifying was easier and your payments lower, you might be concerned with what happens when the lender resets your mortgage loan. Many homeowners don't fully understand how their Adjustable Rate Mortgages work and get into trouble after the first adjustment when their payment amount goes up. If your budget is already stretched to the limit you might want to refinance the loan to a fixed interest rate before your payment goes up. By refinancing now you could be avoiding a financial meltdown that results in the loss of your home. At Bretlin Home Mortgage of Florida, we have solutions to fit every borrowers needs.

Visit Us Online at: http://www.bretlinfloridamortgage.com

 

 

 

 

Bretlin Home Mortgage of Florida – BretlinFloridaMortgage.com

 

 

 

 

Florida & Georgia Home Loans from $100,000 to $15,000,000

 

 

 

 

Conventional, Non-conforming, FHA & VA Home Loans

 

 

 

 

Phone: 904-226-0648 -  Email: info@bretlinfloridamortgage.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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