Mortgage Refinancing and Home Equity in Florida
If your goals or circumstances have changed, you can ask whether refinancing or a home-equity option is worth reviewing. Start with the full costs, how long you expect to keep the loan and what you want the transaction to accomplish.
What to compare in a refinance
- New loan amount, interest rate and term.
- Closing costs and any costs added to the balance.
- Monthly payment and total interest over the time you expect to keep the loan.
- Whether the change supports your goals after costs and tradeoffs are considered.
A lower monthly payment does not automatically mean a lower total cost. Review the Loan Estimate and compare offers before deciding.
What to know about home equity
A home-equity loan uses your home as collateral. If you cannot repay it, you could risk losing your home. Review fees, repayment terms and alternatives carefully. The CFPB’s home-equity overview explains key considerations.
Return to Hi | Home Loans or call Randy at (888) 508-3008.
Mortgage services are provided through NuView Mortgage, LLC, NMLS #1876725. Randall S. Wiggins, Mortgage Broker, NMLS #1859249. Services are available in Florida. This information is educational and is not a loan offer or commitment to lend. Program availability, eligibility and terms vary and are subject to applicable requirements and lender approval. You are not required to use Hi | Home Loans when working with Hi Real Estate. Equal Housing Opportunity.