Does the mortgage you have still fit the life you have?
A refinance review is a check-in, not a commitment. Jared compares your current loan with the realistic alternatives, payment, term, total interest, costs, and break-even, and tells you plainly whether a change is worth pursuing. Sometimes the answer is “keep what you have.”
- Have a rate meaningfully above today’s market
- Pay FHA mortgage insurance and now have 20% equity
- Want a shorter term or a fixed rate instead of an ARM
- Have a VA or FHA loan (streamline options)
Jared compares your rate and term with today’s market and shows the cost over the life of the loan, not just per month. Closing costs, including Florida documentary stamp and intangible taxes on the new mortgage, are divided by the monthly savings to find the break-even month.
A lower rate doesn’t automatically mean you come out ahead; how long you’ll keep the loan decides it. Resetting a 30-year clock after years of payments also matters.
Shortening to 15 or 20 years cuts total interest substantially and raises the payment. Lengthening lowers the payment and restarts amortization. Each is right for some people and wrong for others.
Alternative worth knowing: keeping your current loan and paying extra principal achieves much of a shorter term’s benefit without closing costs or a new rate.
FHA mortgage insurance usually lasts the life of the loan; once you have about 20% equity and conventional pricing makes sense, refinancing into a conventional loan removes it. Conventional PMI can often be cancelled without refinancing by request at 80% loan-to-value, so check that first.
The comparison is the new rate plus costs against the insurance you’d stop paying.
Existing FHA and VA borrowers have simplified options. The FHA Streamline needs limited documentation and often no appraisal, provided the new loan produces a net tangible benefit. The VA Interest Rate Reduction Refinance Loan works similarly, with a requirement that costs be recouped within 36 months and a meaningful rate reduction.
Both are rate-and-term only; cash-out is a different VA or FHA product with full underwriting.
A cash-out refinance replaces your mortgage with a larger one and gives you the difference. If your current rate is low, a home equity line or fixed home equity loan on top of it is often far cheaper. If your rate is high, one new loan may win.
The full comparison, with a worked example, is on the home equity page.
Break-even, with made-up numbers
A homeowner owes $350,000 at 7.25% and is offered 6.25%. Principal and interest drop by roughly $233 per month. Closing costs, including about $1,925 in Florida state taxes on the new note and mortgage, total $7,500. Break-even is about 32 months. If they plan to stay five or more years, it’s worth a hard look. If they’re moving in two, it isn’t.
Jared also shows what the same $7,500 would do applied to principal on the existing loan, because that’s the honest comparison.
How do I know if refinancing makes sense?
What does a refinance cost in Florida?
Will I skip a payment?
Can I refinance with less than 20% equity?
Is an appraisal required?
Start with your current rate, balance, and goal.
Jared will follow up directly and tell you whether a full review is worth your time.
- No credit pull, no obligation
- Not an application; no guarantee of approval or terms
- Rather talk? Call or text 954-649-0020
Not sure it’s worth a look?
A short call is usually enough to know whether a deeper review makes sense.