Dont Miss Out. Get a Jacksonville Refinance Today.
Posted by: Guest Author / Category: MortgageGetting a Jacksonville refinance right now is a great idea. Rates are at an all time low and you can definitely save yourself some money. Today we are going to take a look at why this is such a great opportunity and what you can do to take full advantage of this. First of all lets take a close look at the real estate market in Jacksonville.
This is one of the golden cities of Florida. It has one of the fastest growing real estate markets out of all the cities in the state. Although there have been some recent though times we can tell that the market is starting to pick up again. There are currently 22,000 houses on the market as we speak. The sales volumes are up 6% from last year while there has been a decrease of 11% of the pricing of these houses for sale. So yes the figures aren’t impressing but they are better.
So to sum up the market conditions, there is growth but its not fantastic. We have seen many of the buyers start to take full advantage of all the houses available on the market due to the many foreclosures. It is still a buyers market as there is still a large inventory of homes currently on the market.
So hopefully we are seeing the bottom of the market in Jacksonville. Either way you think the market will turn it doesn’t matter, you can still save money! Now is the perfect time for a refinance. Interest rates are at an all time record low. You should take full advantage of the current market conditions and the low rates while you still can.
Refinance today and you could save thousands! This can be done in two ways if you refinance for a lower interest rate. First of all you could refinance your current loan and lower your monthly repayments. This would keep mean you still have the same length of the current loan, but each month you pay less. The other option is to refinance and reduce the length of your loan. You repayments would be the same but the life of your loan would be reduced. Or you could make a trade off and get a little of each.
Let me show you an example of how this can be done. We have used local figure and number to help show how someone in Jacksonville can get a great refinance. The average price of a family home in Jacksonville is $155,000. If you got this mortgage back in 2005 you would have gotten a rate of about 6.5%, which means your monthly repayments would be $973.
So what can now be done thanks to the low interest rates is take this loan you got in 2005 and refinance at a lower rate for a reduced monthly repayment, and you will be surprised by how much you can save. Current rates are at 4.5%. So if you refinance at this new rate your new repayments will be $749, which is a saving of $224 per month! Now I’m sure that is something you don’t want to pass up.
There can be a variety of reasons why someone would refinance a loan. The most common of these in today’s market is to refinance for a lower interest rate, this is obviously to take advantage of the low rates and save! If there is any advise I would give to people in today’s market its to refinance now before its too late! I hope getting a Jacksonville refinance will save you all bundle.
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