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How Long Does It Take To Refinance a House in Florida?

March 06, 2023

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There are many reasons why a homeowner decides to refinance their house, but the goal is always to upgrade the conditions in the original mortgage agreement, and the real estate market plays a huge role in the end result. As reported by CNBC, there was a recent surge in mortgage refinances as interest rates hit an all-time low. Even with rates fluctuating drastically over the past few weeks, now might be the right time to do it if you've been planning to take this step for a while.

And for those who don't know about the specifics of refinancing a house in Florida, we bring the information you need to help you plan things properly.

Is It the Right Time To Refinance Your Mortgage?

When you refinance your house, you start a process to change the terms of your mortgage. In most cases, homeowners take this step to secure lower rates in their monthly payments, but there are other areas where the process can help.

Signing Mortgage Refinance PapersFor one, you could refinance your house to consolidate an existing debt, change your current payment schedule, or pour an amount of the home's equity into renovations and other home improvement projects. In the most basic terms, refinancing entails changing some aspects of the current mortgage.

All in all, refinancing a mortgage often results in more favorable terms for the owner, and several people become able to save thousands of dollars from their monthly payments as a result. Bankrate's mortgage refinance calculator can help you get an estimated number corresponding to the money you'd save after refinancing your mortgage.

How Long Does the Process Take in Florida?

If you plan to refinance your mortgage to reduce your interest rates, timing is key. After all, refinancing a house can wind up consuming the same amount of time it'd take you to get approved for a brand-new loan.

A refinance in Florida usually takes between 30 to 45 days. Some exceptional cases can take as long as 60 days before closing, but they're few and far between if the client does due diligence beforehand. Keep in mind that the process is shaped by specific factors like your home's condition, the mortgage coverage, and the type of loan you currently have.

All types of refinance loans state that the owner needs to occupy the residence and stay up-to-date with mortgage payments for a certain number of months. For example, you need to have made at least six monthly payments before qualifying for a rate-and-term loan, so keep that in mind as you work through your schedule.

Before applying for the loan, dedicate some time to look at all your options so that you make sure to choose the best interest rates.

Delays in the Loan Process

Different factors can slow down the process, and some companies can even outright deny you a refinance, forcing you to waste more time looking elsewhere for loan options. Debt is the main reason a refinance can be turned down since that directly hinders the borrower's ability to make all monthly payments on time. Clients with bad credit can get rejected for similar reasons.

Some delays are caused by external factors. For instance, it might be harder to reach an agreement with the lender if your property's market value drops before/during the proceedings as that would leave the lender open to financial loss.

Mortgage Specialist Helping ClientsOther problems might be easier to overcome with the help of a specialist, like inaccuracies in your application, problems in the property title, or missing items on personal documents and employment history.

Applying for a Mortgage Refinance Loan

Title and escrow companies follow a standard process, but there are still differences regarding the initial evaluation. Some lenders can dedicate more time to looking over your credit history or request additional documents to verify your identity and income.

Let's look at the types of loans to see what suits your needs. On top of suiting certain plans more effectively, some loan options help upkeep a tight payment schedule.

  • Rate-and-Term Refinance Loan: This is the most well-known approach when it comes to mortgage refinances. It's destined to change the loan's interest rates, sometimes along with other modifications to the original terms. It's more commonly used to reduce the amount on the borrower's monthly payments.

  • Cash-Out Refinance Loan: In this particular loan, the property's existing mortgage is paid and replaced with a larger sum. The borrower is granted a portion of the home's equity, often destined for remodeling/repairs and debt consolidation.

  • Cash-In Refinance Loan: As the name suggests, the owner is the one paying money at the start of the process. These payments can lower the monthly rates and help you complete your mortgage payments much faster.

  • Key Title & Escrow provides timely services so you can meet all requirements and tailor the loan terms according to your needs. No matter the case, our team aims to offer a satisfying customer experience while ensuring the necessary improvements in your new loan agreement, so come to us with all your specifications and we'll make it a reality whenever you need to refinance your house.

    Don't waste time and energy, refinance your house with the best title and escrow specialists. Key Title & Escrow ensures top-notch assistance in your refinance proceedings, along with many other real estate services. With over 20 years of combined experience, our professional team understands Florida's market inside and out; we have what it takes to guarantee a safe process from beginning to end, whether you want to purchase a new property or refinance your current mortgage. If you want to get in touch with us, just fill out the contact form on this page. You can also call (305) 235-4571 or toll-free at (800) 547-0006, and we'll be happy to answer all your questions.
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