Purchasing vs. Refinancing

Many people enter into a mortgage, only to see interest rates drop significantly after only a few years. Some opt to refinance their mortgage at the first sign of a lower rate. However, those who refinance too many times can actually end up paying more in closing costs despite the lower interest rate. In most cases, refinancing means getting a lower rate, but some homeowners like to extend the number of years they will make payments in order to reduce monthly costs, while others take advantage of low rates on shorter term mortgages, say a 15 year loan. Ace Mortgage Loan Corporation can help you refinance your home in Coral Springs, Parkland, Deerfield Beach, Boca Raton  or anywhere in South Florida.

Consolidating debt is also another reason to refinance, as those with both a mortgage and a home equity loan can combine the two into a single, fixed rate mortgage. In a perfect world, a homeowner only refinances their mortgage one time. Before refinancing your South Florida home, making sure you have all your ducks in a row; credit rating is very important. Those with good credit scores will have a much easier time securing their mortgage than those with poor credit. There are many factors which someone must consider before refinancing their home; such as short to medium range goals and of course long term goals.