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Today’s Rates: 

 30-Year Fixed Mortgage- 5.75%

15-Year Fixed Mortgage – 5.27%

5/1 ARM – 5.67%

30-Year Fixed Jumbo Mortage- 7.16%

5/1 Jumbo ARM- 6.36%

When one door closes, one typically opens. With the slumping real estate, but showing signs of vitality, there is a real opportunity to finally buy that vacation home on the beach for a reasonable price. Also, due to the slowing economy the Federal government has put Sarasota and Bradenton Real Estate Homeowners in a position to refinance their mortgage and pay less interest, lowering mortgage payments. Shirley International Realty Inc. is licensed  as a mortgage broker & can refinance your mortgage. Listed below are the benefits of a refinance. 

Put Cash in Your Pocket:

 Refinancing your mortgage takes the equity in your home and puts cash in your pocket. In a slumping market many homeowners are looking to protect their cash by using the equity in their home to refinance, putting that cash in their pocket while simultaneously locking in a lower rate, lowering monthly payments.

Lower Your Monthly Payments:

When you refinance your mortgage to a new lower rate, less interest paid on your mortgage will result in lower monthly payments.. This is a great tool for investors to increase their cash-flow capabilities and non-investor homeowners to save on outgoing expenses.

Shorten the Length of Your Mortgage:

When you refinance, you have the option to shorten the length of your mortgage and establish a new payment plan. For example, if you are on a 30-year conventional fully amortized payment plan, it may be in your best interest to shorten that plan to a 15-year payoff plan. This may not be congruent with lowering your monthly payment, but in the long run paying less in interest will save you money.

Exchange an Adjustable-Rate for a Fixed-Rate:

This is where the real opportunity is, given our current market conditions, to save some money. Take advantage of the recent basis point cut by locking in today’s low fixed rates, compared to the adjustable, unstable, and unpredictable movement of future rate changes.

Say Goodbye to PMI!

If your loan to value is any higher than 80%, you are probably suffering from Private Mortgage Insurance. This is a fee added to your monthly mortgage payments, penalizing you for not putting at least 20% cash down on your mortgage when you purchased your property. If you have that 20% equity currently in your home, your refinance will eliminate that PMI payment and save you $100-$500/month.

Your home is like a Cash Cow.. Talk to Shirley International Realty Inc. about reorganizing your mortgage to tap into that milk!

Justin