Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
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Buying Florida
When is it a good time to refinance your mortgage
Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh:
1. Interest Rates
If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money.
Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month.
2. Loan Term Goals
Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher).
Extending your term may lower your monthly payment but increase total interest paid.
3. Equity in Your Home
Lenders usually want you to have at least 20% equity for the best rates and to avoid private mortgage insurance (PMI).
If your home’s value has increased, refinancing can help eliminate PMI.
4. Credit Score
If your credit score has improved since you got your mortgage, you may now qualify for much better rates.
5. Life Situation
Planning to stay in the home at least 3–5 years? That’s often how long it takes to “break even” on refinance closing costs.
If you might sell sooner, refinancing may not make sense.
6. Debt or Cash Needs
A cash-out refinance can help if you want to consolidate higher-interest debt, fund renovations, or free up cash — but it raises your loan balance.
✅ Rule of Thumb:
Refinance if you can lower your rate, shorten your term, or eliminate PMI, and you’ll stay in the home long enough to recover the costs.
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