Well before we get into the details of Jacksonville mortgage refinancing we need to have a good look at the market. This market is one of the quickest growing markets out of all the cities in the Florida state. Housing activity has definitely started to pick up in the city of Jacksonville since the recent bad sub-prime mortgage crisis. At the time of writing this there is currently 22,000 properties on the market in this city and the sales volume has increased 6% in the past year while only having a slight 11% decrease in the price of houses in the past year. It not fantastic growth, but it is a promising turn around. Buyers definitely have an advantage in this market as there is still a large inventory of available houses out there but the numbers have been steadily decreasing as houses are sold. On top of this the lenders are starting to move on their foreclosures so they are selling quickly as well.
So as we can see the doom and gloom of the sub-prime mortgage crisis is starting to pass. Things are looking up; they’re not perfect, but definitely looking better. Because of this current economic climate there are extremely low rates available at the moment. This is great news for you even though you might already have a mortgage. If you choose to refinance your loan you can make some great saving and even shorten the life of you loan. You could completely own your house in half the amount of time or if you wish just pay less each month and keep the current length of your loan. Here is an example of how a refinance Jacksonville might help.
Jacksonville Refinance Example
To make this more useful we have used figures and numbers that are all taken from the Jacksonville area.
The average price that someone will pay for a house in Jacksonville is about $154,000 (this is for a family home in case you were interested). If you got a mortgage back in 2005 for this property the banks would have most likely given you an interest rate of 6.5%. So based on the average price of a house in Jacksonville with a 30 year fixed rate mortgage loan your monthly repayments would be $973. I’m sure most of you are reading this and thinking you’re in a similar situation. Well if you take this loan you got in 2005 with and refinance it you can stand to save a large amount in monthly repayments. Current refinance rates in the Jacksonville area at the time of writing this are 4.375%. This means if we refinance the loan our new repayments are $769. That’s a saving of $204 a month, a great deal by anyone’s standards!
Of course there are other ways to refinance a loan (lower the term, etc) but this is here merely to show you the possibilities. My most adamant advice I can give is to take advantage of the current low rates and lock in a mortgage that will save you money in the long run. What have you got to loose? Here are some resources that can get you started.
Tuesday, June 30, 2009
The Home Equity Theft Reporter
* A Jacksonville mortgage broker faces three years in prison for pocketing thousands of dollars at a real estate closing by pretending she did home repairs. Katina Mickens, 30, was sentenced [...] for grand theft, filing a false construction lien claim and acting as an unlicensed real estate agent at a 2005 home sale where she arranged the mortgage.
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* The day before the house went to closing, Mickens filed a document called a claim of lien. Under a fictitious name, J&J Properties, Mickens reported she had done work on the house and was owed $16,000. That represented about 18 percent of the $85,000 mortgage on the home, putting an unnecessary added burden on the buyer, [Assistant State Attorney Stephen] Siegel said.(1)
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* The day before the house went to closing, Mickens filed a document called a claim of lien. Under a fictitious name, J&J Properties, Mickens reported she had done work on the house and was owed $16,000. That represented about 18 percent of the $85,000 mortgage on the home, putting an unnecessary added burden on the buyer, [Assistant State Attorney Stephen] Siegel said.(1)
Jacksonville Lender offfering Mortgage and Home Loans for Purchase and Refinance
If you have already taken out a mortgage loan that has become a burden to you, getting away from it can be a lifesaver. If you want to get away from paying large amounts of money on your mortgage loan, then getting a refinance mortgage loan would be the best option. A refinance mortgage loan can help you save money easily without having to pay monthly instalments like before at a much lower interest rate.
refinance home mortgage loan
What really happens when getting a refinance mortgage loan is that the present loan that you have already got will be replaced with a different deal, with different conditions and of course at a much lower interest rate. A refinance mortgage loan comes with a whole lot of benefits. One such benefit is the decrease of the total payment on the mortgage value. It also helps in releasing some of the equity built in a lump sum payment or in instalments.
If you have a bad credit history, don’t let that be an obstacle in getting a refinance mortgage loan. Times have changed. The financial market is full of lenders today who acknowledge the fact that you are a person who has had bad luck with credit and hence are ready to offer different solutions to assist you financially.
bad credit mortgage refinance loan
A refinance mortgage loan can vary according to the way the interest rates are calculated.
Sometimes a refinance mortgage loan can come with a fixed rate which usually means that the interest on the base amount would be the same throughout the years that the loan has to be paid. The rate generally wouldn’t change over time.
Next in line is the refinance mortgage loan with an adjustable rate. In this type of loan, the interest would usually change depending on the financial market conditions. Financial instutions give such loans by providing an introductory interest rate. This is a lower, but fixed rate which is used for around 3 or 5 years. Once the introductory stage has passed, the interest will keep fluctuating, depending wholly on the rates of the market.
A person who applies for a fully-amortizing loan will have to make monthly payments depending on the interest rates that tend to change all the time. A balloon home loan type of refinance mortgage loan has an interest rate which will be fixed for a particular duration and then move on to an adjustable interest rate.
refinance mortgage loan
Additionally, a home equity loan has a fixed rate allowing the person to use their equity and gives them a fund to spend. This type of loan is recommended for anyone who has enough equity in their home, including the ability to pay off their original mortgage loan.
refinance home mortgage loan
What really happens when getting a refinance mortgage loan is that the present loan that you have already got will be replaced with a different deal, with different conditions and of course at a much lower interest rate. A refinance mortgage loan comes with a whole lot of benefits. One such benefit is the decrease of the total payment on the mortgage value. It also helps in releasing some of the equity built in a lump sum payment or in instalments.
If you have a bad credit history, don’t let that be an obstacle in getting a refinance mortgage loan. Times have changed. The financial market is full of lenders today who acknowledge the fact that you are a person who has had bad luck with credit and hence are ready to offer different solutions to assist you financially.
bad credit mortgage refinance loan
A refinance mortgage loan can vary according to the way the interest rates are calculated.
Sometimes a refinance mortgage loan can come with a fixed rate which usually means that the interest on the base amount would be the same throughout the years that the loan has to be paid. The rate generally wouldn’t change over time.
Next in line is the refinance mortgage loan with an adjustable rate. In this type of loan, the interest would usually change depending on the financial market conditions. Financial instutions give such loans by providing an introductory interest rate. This is a lower, but fixed rate which is used for around 3 or 5 years. Once the introductory stage has passed, the interest will keep fluctuating, depending wholly on the rates of the market.
A person who applies for a fully-amortizing loan will have to make monthly payments depending on the interest rates that tend to change all the time. A balloon home loan type of refinance mortgage loan has an interest rate which will be fixed for a particular duration and then move on to an adjustable interest rate.
refinance mortgage loan
Additionally, a home equity loan has a fixed rate allowing the person to use their equity and gives them a fund to spend. This type of loan is recommended for anyone who has enough equity in their home, including the ability to pay off their original mortgage loan.
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