LOAN PROGRAMS · REFINANCE
Refinance.With the trade-offs up front.
Refinancing replaces your current mortgage with a new one. People refinance to change their rate or term, take cash out, remove mortgage insurance or restructure their debt. We show you the costs and the break-even point before you decide.
By Abdallah H. Fragomeno, Mortgage Advisor, NMLS ID 366447 (opens in a new tab) · PREMIER Financial Group of Florida, LLC, NMLS ID 1318440 · Updated
Have questions? No problem.
Refinancing in Miami: the short answer
- Why people refinance
- To change the rate or term, take cash out, remove mortgage insurance, or restructure debt.
- The key number
- Your break-even: how long it takes for monthly savings to cover closing costs.
- Streamline options
- FHA Streamline and VA IRRRL simplify refinancing existing FHA and VA loans.
- Cash out vs. HELOC
- A cash-out replaces your mortgage; a HELOC keeps it. If your rate is low, compare both.
Reasons torefinance.
Change your rate or term
Lower your rate, shorten your term or switch from adjustable to fixed.
Take cash out
Use your home's equity for renovations, debt or other goals.
Remove mortgage insurance
Move from FHA to conventional once you have enough equity.
Types ofrefinance.
Rate and term
Change your rate, your term or both, without taking cash out.
Cash-out
Borrow more than you owe and receive the difference at closing.
FHA Streamline and VA IRRRL
Simplified refinances for existing FHA and VA loans, when they lower your cost.
Investment properties
Including DSCR refinances on rentals.
Good to know.Before you decide.
Closing costs
A refinance has closing costs. We show you how long it takes for your savings to cover them.
Resetting the clock
Starting over with a new loan term can lower your payment but increase the total interest you pay. We show both.
Questions,answered.
When does refinancing make sense?
When the savings cover the closing costs within a time frame that works for you, or when you need to change the loan for another reason. We run the numbers with you.
Is a cash-out refinance better than a HELOC?
It depends. A cash-out replaces your first mortgage, while a HELOC lets you keep it. If your current rate is low, a HELOC may make more sense.
How long does a refinance take?
It depends on the appraisal, title and your documents. We give you a realistic timeline up front.
How soon can I refinance after buying?
It depends on the program. Rate-and-term refinances often have little or no waiting period; cash-out refinances usually require a period of ownership, often six to twelve months.
How much cash can I take out?
Each program sets a maximum based on your home's value. Conventional and FHA cash-out loans generally allow up to 80% of the value, and VA can allow more for eligible veterans.
Do I need an appraisal to refinance?
Usually, though some loans qualify for an appraisal waiver, and FHA Streamline and VA IRRRL refinances often do not require one.
Can I remove FHA mortgage insurance by refinancing?
Yes. Refinancing into a conventional loan is often the only way to remove FHA mortgage insurance, once you have enough equity.
Can I refinance an investment property?
Yes, with conventional loans or DSCR loans, including cash-out.
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YOUR MORTGAGE ADVISOR
Nice to meet you.I'm Abdallah.
Your trusted Miami mortgage advisor. I'm here to make your home financing simple and stress-free.
Abdallah H. Fragomeno · Mortgage Advisor · NMLS ID 366447
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