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How Do You Know if Refinancing is Worth It?

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If you are thinking about refinancing your mortgage, you know that you need to weigh the potential costs against the possible benefits. But how do you figure out if the benefits are likely to outweigh the costs? Although making a determination may seem complicated, in truth, it just comes down to doing some simple math.

Know the Following About Refinancing

  • The amount of your existing mortgage
  • The interest rate for your existing mortgage
  • The loan term for your existing mortgage
  • The time left to pay on your existing mortgage
  • The interest rate for the new mortgage after you refinance
  • The loan amount for the new mortgage
  • The loan term for the new mortgage

Once you have that information, you should be able to calculate how much a refinance could potentially help you save.

In fact, to make this math as easy as possible for you, we have put a simple refinancing calculator right on our website. Once you fill in your numbers and click “Calculate,” the calculator will tell you how the monthly payment will compare for the new mortgage versus your existing one, and provide you estimates of the total cost for each.

One more factor you need to consider is the cost of the refinance itself. You will need to subtract that from the amount you calculate you could save after switching to the new mortgage. If the refinance still looks like it will save you money once you subtract that cost, then it makes financial sense to move forward.

Refinance in Florida Now

If you still need help calculating whether you could save money by refinancing, we can walk you through the math. We make the application process fast and easy so you can start saving as soon as possible. Please call 786-220-1100 to begin.                     

FHA MIP Decreased Along with Certain VA Funding Fees

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Homebuyers who will be applying for FHA or VA loans will be pleased to learn that MIP and certain funding fees have been decreased for each of them respectively.

FHA MIP is Reducing

As of March 20th, 2023, monthly mortgage insurance premiums (MIP) are decreasing by 30 bps.

The savings for around 850,000 borrowers over the next year are estimated to add up to around $678 million combined.

According to HUD, “For the same borrower with a mortgage of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage. In addition to providing overall savings to borrowers, a lower annual MIP can also help more people qualify for a mortgage.”

Certain VA Funding Fees are Decreasing 

Borrowers looking to apply for VA mortgages will be pleased to know that funding fees are decreasing for mortgages that close on or after April 7th, 2023 and before November 14th, 2031. You can find out more in the chart below.

The reduced funding fees only are for buying a home or building one using a VA loan, not for refinancing. They also are only available when putting 5% or more down with a VA mortgage.

Apply Now for a VA or FHA Loan in Florida

If you have questions about the reductions to FHA MIP and certain VA funding fees, we can answer them during your consultation for a home loan. If you are ready to apply for an FHA or VA mortgage now in Miami or anywhere in FL, please give us a call today at (786) 220-1100. We are excited to help you move affordably into your new home.

Choosing a Mortgage Broker in Miami

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Mortgage Broker in Miami FL

When it comes to obtaining a mortgage loan in Miami, Florida, working with a mortgage broker can make the process much easier and more efficient. A mortgage broker acts as an intermediary between the borrower and the lender, helping you find the best mortgage loan options and guiding you through the application process. However, not all mortgage brokers are created equal. Here are some factors to consider when choosing a mortgage broker in Miami.

  1. Credentials and Licensing. Before you start working with a mortgage broker, make sure they have the proper credentials and licenses to operate in Miami, Florida. Look for brokers who are licensed by the National Mortgage Licensing System (NMLS) and the state of Florida. You can verify their licensing information on the NMLS Consumer Access website.
  2. Experience and Expertise. Look for mortgage brokers who have a strong track record of helping clients secure mortgage loans in Miami. Experienced brokers will have a deep understanding of the local real estate market and can provide valuable insights into your mortgage options. Consider working with a broker who specializes in the type of loan you need, such as a conventional loan, FHA loan, or VA loan.
  3. Communication. The mortgage application process can be complex, so it’s important to work with a broker who communicates effectively and is responsive to your needs. Look for brokers who are available to answer your questions and provide updates throughout the application process. Ideally, your broker should be proactive in keeping you informed and guiding you through each step of the process.
  4. Rates and Fees. Mortgage brokers earn a commission on each loan they help secure, so it’s important to understand their rates and fees before signing on. Compare rates and fees from multiple brokers to ensure you’re getting a fair deal. Be wary of brokers who offer unrealistically low rates or fees, as this could be a red flag.
  5. Reputation. Do your research and read reviews of mortgage brokers in Miami before making a decision. Look for brokers with a solid reputation and positive feedback from past clients. You can also ask for referrals from friends, family, or your real estate agent.

Buy A Home Or Refinance In Miami Now

Working with a mortgage broker can be a smart move when obtaining a mortgage loan in Miami, Florida. By considering these factors, you can find a reputable and reliable broker who can help you secure the best loan for your needs and guide you through the application process with ease.

Lending Bankers Mortgage has established relationships with more than 130 lenders in the Miami area. This allows us to connect you with a diverse selection of loan programs. That way you can choose the rates and terms which are right for you. If you are ready to get started, please give us a call at (786) 220-1100.

See What Our Clients Are Saying About Us!

Lending Bankers Mortgage
Lending Bankers Mortgage
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Paulina Casillas
Paulina Casillas
00:14 16 Aug 23
I had the pleasure of working with Danny and David on a recent transaction. Their proactive approach, lightning-fast responses, and remarkable problem-solving abilities truly stood out. Without hesitation, I would recommend their services to anyone seeking a reliable and efficient mortgage professional.
Annia T
Annia T
11:35 09 Aug 23
Lending Bankers is one of the Lending institutions you will not regret to work. All of them are very knowledgeable and helpful to make this stressful process better for their client. David Otero and Gabriel Corrente help me to find a good Mortgage for my transaction in 1 Week!! Amazing 👏!! Thanks a lot for all your assistance and for keep me posted in every step. I will recommend them 💯
Armando Mercado
Armando Mercado
14:09 08 Aug 23
Smooth process.Reliable.Assertive.Energy and intensity when it is needed.I will use them again for sure.
Alex Dodenhoff
Alex Dodenhoff
16:02 02 Aug 23
We called Danny one week before closing after our former lender backed out. From the jump Danny was on top of things and didn't stop until it was closed, even more, we closed a day early. Simply put, Danny can make it happen!
Michelle Coalla
Michelle Coalla
18:29 01 Aug 23
Danny was great! Our client couldn't get funding from their lender last minute and Danny was able to close our client in less than a week! He really saved this deal. On top of that, he was so kind and always on top of everything to make sure we met the deadline.
Maximillian Dirnfeld
Maximillian Dirnfeld
17:59 01 Aug 23
Called Danny a week before closing and the man saved my deal and was professional all the way through can recommend
Jorge Vierci
Jorge Vierci
21:00 27 Jul 23
GabrielTe estoy escribiendo para agradecerles con David por el trato que nos dieron en la ocasiónDel cierre de nuestra financiación para compra de departamento en el edificio Missoni BaiaNos sentimos muy a gusto les felicito y ojala mas adelante podamos hacer otro negocios.Muchas Gracias AbrazosJorge
Maria Terentyeva
Maria Terentyeva
21:03 22 Jul 23
Mariya and Gustavo are truly exceptional mortgage loan originators, and I cannot recommend them enough. Their commitment to providing top-notch service to their clients is second to none. Throughout my entire home buying process, they were patient, consistent, and always available to answer any questions I had. If you are looking for mortgage loan originators who are professional, knowledgeable, and simply the best, then look no further — they will not disappoint! Thanks so much again:)
Carlos R
Carlos R
18:52 20 Jul 23
Fantastic experience from Lending Bankers. From start to finish David and Rodrigo provided top notch service with their professionalism and attention to detail. 10/10!!!!
Andreina España
Andreina España
00:06 20 Jul 23
Excellent and professional service, Danny and David have helped many of my clients obtain their home mortgages. I recommend them
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