Whether you need Florida home refinancing or want to refinance a commercial mortgage, mortgage refinancing in Florida is a great choice for many people. You may be able to use refinancing to lock in a lower interest rate or get additional cash.

Even though Florida refinancing rates may seem attractive, it's important to calculate whether you will actually save money if you refinance. Sometimes the additional fees will cost you more in the long run.

Consider the following costs involved with FL mortgage refinancing:

1. Closing costs. Florida mortgage refinancing companies charge different closing costs and you need to include this in the total cost of your mortgage.

2. Private mortgage insurance. This is necessary if you don't have at least 20% equity in your property, but rules vary by bank. Make sure you understand what your bank expects from you before you sign a contract.

3. Mortgage points. These are an additional cost of Florida mortgage refinancing. Each point is equal to one percent of the total loan. This can add to your costs quickly, so be sure you know how many points a bank will charge you.

Action Steps
The best contacts and resources to help you get it done

Improve your cash flow with mortgage refinancing in Florida

If you have equity in your mortgage and need money to cover other costs or fund a business expansion, then a mortgage refinance may be what you need. You can take a loan that gives you extra money, improving your overall cash flow strategy.

I recommend: Apply for a mortgage refinance through the Bank of Florida. SunTrust offers commercial mortgage refinancing so that you can take advantage of lower rates.

Use mortgage refinancing in FL to change to a fixed rate mortgage

If you have an adjustable rate mortgage, you may find that you have a hard time making payment once the interest rate gets higher. You need to lock in a low interest rate with a fixed rate mortgage. This makes it easier to plan your mortgage payments.

I recommend: If you're in east Florida, consider using Bank Atlantic for mortgage refinancing in Florida. They offer mortgages for many different types of properties. Alternatively, the Great Florida Bank may offer you the best solution.

Watch for low refinance rates in Florida to get a better deal

Sometimes, your first mortgage rate is a lot higher than you'd like it to be. Fortunately, rates fluctuate over time and as you see a better mortgage refinance rate in Florida, you may be able to talk to your bank to refinance for lower rate.

I recommend: The Florida Bank of Commerce can help you refinance your mortgage for a better rate. Key Bank is a nationwide bank with branches in Florida that may be able to serve your needs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Before you sign a contract for mortgage refinancing in Florida, make sure you read the fine print. You should be aware of any hidden costs.