Mortgage Refinancing - Compare Rates in Florida

For most American families, their primary residence is central to their lives together. For home owning families, their house is also central to their financial health. With such a significant percentage of our wealth tied up in our homes, it is important to make sure you are getting the best rate possible on your mortgage. One of the best ways to ensure you are getting the best rate is refinancing. According to the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, refinancing resulted in significant savings for borrowers in 2021. In the first half of 2021, homeowners who refinanced lowered their interest rate by an average of over 1.2%. This resulted in an average savings of $2,800 in mortgage payments over the course of a year. For the best mortgage refinance rates in Florida, contact one of the refinance specialists at Dynamic Mortgage today.

Refinance Rates in Florida

The ultimate refinance rate an applicant receives is the result of many factors, both in the market at large and personal to the borrower. Some of the primary factors determining a refinancing rate for a mortgage loan in Florida include:

  • Credit score. Just as with conventional loans, one of the major determiners of a lending rate is the credit score of the borrower. For FHA loans, applicants generally need a minimum credit score of 500, and applicants with scores over 580 may receive additional benefits such as lower down payment requirements. 
  • Down payment amount. Some FHA loans allow for down payments as small as 3.5% of the purchase price. However, larger down payment amounts often yield more favorable loan terms. 
  • Loan-to-value ratio. Usually expressed as a percentage, the loan-to-value ratio is the mortgage amount as compared to property value. For example, if the value of your home is $300,000 and the amount mortgaged is $150,000, the loan-to-value ratio is 50%. A lower loan-to-value ratio is more preferable to lenders and will result in better loan terms. 
  • Loan term. Most commonly for 15 or 30 years, the term of the loan is the time within which it must be repaid. Shorter loan terms are generally viewed as less risky and often have better rate options. 
  • Market forces. Every loan is affected by the larger economy. Lending rates are impacted by the Federal Reserve rates, mortgage-backed securities, the bond market, inflation, and other economic indicators. 
  • Prime rate. The prime rate is a theoretical interest rate representing the absolute lowest rate a bank will lend to a customer with impeccable credit history. This number influences what mortgage lenders offer.

If you have questions about mortgage refinance rates in Florida, contact Dynamic Funding today. 

Florida refinance rate trends

Since 1971, Freddie Mac has tracked lending rates among the nation’s largest mortgage lenders for 30-year fixed mortgages. What the data show are rates that peaked in the early 1980s at over 16% and minor fluctuations notwithstanding, have fallen to record lows in the 2020s. These record lows make today an ideal time to consider a Florida home mortgage refinance. To discuss refinance rates in Florida and your personalized options, talk to a loan professional at Dynamic Funding today.

Compare Florida refinance rates by loan type

Homeowners all have unique circumstances and varying needs when it comes to their home mortgage. To reflect those differences, there are many different types of mortgage refinance loans. While not an exhaustive list, the following are some of the most common types of refinance loans:

  • Rate-and-term. The most common type of refinancing, where applicants may be able to obtain preferable loan rates and terms. These are particularly attractive to borrowers who have increased their credit score since obtaining their original loan. 
  • Cash-out. Homeowners with equity in their homes may be able to use a cash-out mortgage to take advantage of that equity. The cash taken out from the new mortgage amount can be used for home improvements, debt consolidation, or other family needs. 
  • Cash-in. Borrowers who have saved a lump sum of cash can refinance using that cash to lower their monthly payments. 
  • No-closing-cost. Just as it sounds, this type of mortgage allows a borrower to roll the closing costs into the refinanced amount and paid over the life of the loan. 
  • Streamline. Certain FHA loans can be refinanced quickly and without pulling credit, underwriting, or appraisals. 

To discuss what type of mortgage loan refinancing is right for you, talk to Dynamic Funding today.

Refinancing options in Florida

If you are a homeowner, one of our loan specialists can use our mortgage refinance calculator to help you find the best refinance mortgage rates in Florida. Every loan comes with benefits and risks that can vary from applicant to applicant. Get the information you need to make the best choice for you and your family. Talk to Dynamic Funding today. Call us at (215) 364-7171 or fill out the contact form below.