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Refinance to a 15 Year Mortgage Rate | Sarasota FL | Bradenton FL

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Refinance to a 15 Year Mortgage Rate

IT MAY MAKE A LOT OF SENSE TO REFINANCE YOUR MORTGAGE FROM A 30 YEAR FIXED TO A 15 YEAR FIXED

Refinance to a 15 year mortgage rate to pay off the mortgage on your house much earlier and to save yourself a lot of money in Sarasota FL and Bradenton FL!

Well, I am sure you have heard by now that mortgage rates have risen substantially over the past few months. If you missed mortgage rates when they were at their low, it may still make sense for you to refinance. Currently, many lenders are advertising interest rates on a 15 year fixed rate home loan that are nearly one (1) percent lower than the rate on a 30 year fixed rate home loan. As a result, the monthly payment on a 15 year home loan can be around the same amount as the payment on your current 30 year fixed interest rate mortgage loan. For example, on a $100,000 loan amount at an interest rate of 6.25% amortized over 30 years, the principal and interest payment is $615.72. That same loan payment on a 15 year fixed rate mortgage at a 3.5% interest rate is $714.88. That is less than $100 more and your mortgage is paid off in one-half the time – in 15 years rather than in 30 years! That can be a savings of up to around $93,000 over the life of the loan!

So, do not beat yourself up over having missed out on your chance to refinance your home mortgage loan when interest rates were at their lowest. You can still refinance your home loan from a 30 year fixed to a 15 year fixed to pay off your home mortgage much earlier and save yourself a lot of money!

Disclaimer:  This article is for general informational purposes only and is not intended to serve as/be financial advice.

Refinance – Upside Down Homeowners Whose Home Value Is Less Than Mortgage Amount – Another Year Of Tax Breaks!

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Refinance – Upside Down Homeowners Whose Home Value Is Less Than Mortgage Amount – Another Year Of Tax Breaks!

Great news for struggling homeowners who owe more on their primary residence home mortgage loan than their home is worth. The law that exempts from being taxed as income the amount of debt forgiven by their lender that would otherwise be deemed taxable income but for the exemption has been extended by Congress.

Thus, if you are 1) facing foreclosure, 2) considering granting to the lender a deed in lieu of foreclosure, 3) considering a short sale, 4) considering a loan modification, or 5) one of the fortunate small percentage of homeowners who have been granted a principal reduction, but have not completed any of the preceding as of December 31, 2012, you are in luck! The law, known as the Mortgage Debt Relief Act of 2007, that grants homeowners an exemption from being taxed on the amount of certain forgiven debt, remains exempt from taxation through the end of 2013.

REFINANCE YOUR HOME LOAN MORTGAGE TO TODAY’S HISTORICALLY LOW INTEREST RATES EVEN IF YOU OWE MORE THAN YOUR HOME IS WORTH! YES, if you have not missed any mortgage payments and you would like to refinance your mortgage loan to take advantage of today’s historically low interest rates to lower you monthly mortgage payments, you still can! It does not matter if the outstanding principal balance of your mortgage (the amount you owe to your lender on your home loan) is substantially more than the current fair market value of your home (the amount a buyer is willing to pay for your house in today’s market). That’s right, even if your home is underwater, your home is upside down, you still may qualify to refinance your home loan to a much lower interest rate!

FOR A FREE EVALUATION AS TO WHETHER YOU QUALIFY TO REFINANCE YOUR HOME LOAN TO TAKE ADVANTAGE OF TODAY’S HISTORICALLY LOW INTEREST RATES TO LOWER YOUR MONTHLY MORTGAGE PAYMENT, CALL 941-795-7525 TODAY. WE ARE STANDING BY READY TO HELP YOU START SAVING MONEY!

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LEGAL – THIS POST IS NOT INTENDED TO BE NOR SHALL IT BE DEEMED TAX ADVICE – I am a real estate and business lawyer that handles short sales, loss mitigation, asset protection, foreclosure defense and other work-out solutions as well as many other matters related to real estate, business and other areas of the law. I AM NOT A TAX LAWYER, CPA, or ACCOUNTANT. As such, you should always consult with a CPA when seeking advice on tax matters.