Florida refinance mortgage

Florida refinance mortgage

 

Home > Florida refinance mortgage for villa purchase in Orlando Florida

 

Florida refinance mortgage options are an excellent way of raising money to buy a villa in Florida. With a Florida refinance mortgage you are not raising new capital so much as releasing your own capital to use as a deposit on your holiday villa.

How does a Florida refinance mortgage work?

If you have owned your own house for a number of years, unless you are very unlucky it will have increased considerably in value compared to its intital valuation when you first took out your mortgage. Your salary will also have increased during that time, meaning that mortgage lenders will generally be happy to lend you more money against your current house. ie you increase your mortgage and they give you cash. Florida refinance mortgage gives you the capital you need to start other projects.

Why use a Florida refinance mortgage?

If you want to buy a villa in Florida, there are a number of benefits in increasing the size of your deposit, and reducing the size of your mortgage

  1. Where the ratio of mortgage to property value is lower, you will often get a lower interest rate. Mortgage lenders charge more when their loan is less secure, as with a 100% mortgage for instance.
  2. If you can increase your deposit to 30% of the value of the property, this usually means that you do not have to provide so much documentation for proof of income etc. This is especially useful if you are based in the UK for example and find communication mor difficult because of the distances involved.
  3. With property prices steadily, you will find it difficult to save for your deposit faster than the rate of increase. By using a Florida refinance mortgage to release the equity in your current house you can get a foot on the ladder and secure your villa before the price increases out of sight.
  4. By using a Florida refinance mortgage to provide capital for use as a deposit, you will be able to purchase your villa when you want to, instead of waiting until you have saved enough for a deposit. This means you will not have lost extra money due to price increases, and you will be in a position to take advantage of special offers from builders as they appear, for example a free furniture package or pool heating. If buying from overseas, it also means you can buy when the currency exchange rates suit.

Florida refinance mortgage options are a common method of getting on the property ladder in Florida. Check out the options from a number of mortgage brokers and see how refinancing can help you to buy your dream villa.
 

Finance your villa purchase in Orlando Florida and stay in our luxury rental villa during your inspection visit!

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If you are planning to purchase a villa from the UK or USA, rent our villa through Florida Vacation Rentals Orlando and make your inspection visit a trip to be remembered in itself. With 4 bedrooms, 3 bathrooms, air conditioning and heated pool and spa you can enjoy your inspection visit toFlorida at any time of the year.

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