Tuesday, June 30, 2009

Essential Jacksonville Refinance Information

Well before we get into the details of Jacksonville mortgage refinancing we need to have a good look at the market. This market is one of the quickest growing markets out of all the cities in the Florida state. Housing activity has definitely started to pick up in the city of Jacksonville since the recent bad sub-prime mortgage crisis. At the time of writing this there is currently 22,000 properties on the market in this city and the sales volume has increased 6% in the past year while only having a slight 11% decrease in the price of houses in the past year. It not fantastic growth, but it is a promising turn around. Buyers definitely have an advantage in this market as there is still a large inventory of available houses out there but the numbers have been steadily decreasing as houses are sold. On top of this the lenders are starting to move on their foreclosures so they are selling quickly as well.

So as we can see the doom and gloom of the sub-prime mortgage crisis is starting to pass. Things are looking up; they’re not perfect, but definitely looking better. Because of this current economic climate there are extremely low rates available at the moment. This is great news for you even though you might already have a mortgage. If you choose to refinance your loan you can make some great saving and even shorten the life of you loan. You could completely own your house in half the amount of time or if you wish just pay less each month and keep the current length of your loan. Here is an example of how a refinance Jacksonville might help.

Jacksonville Refinance Example

To make this more useful we have used figures and numbers that are all taken from the Jacksonville area.
The average price that someone will pay for a house in Jacksonville is about $154,000 (this is for a family home in case you were interested). If you got a mortgage back in 2005 for this property the banks would have most likely given you an interest rate of 6.5%. So based on the average price of a house in Jacksonville with a 30 year fixed rate mortgage loan your monthly repayments would be $973. I’m sure most of you are reading this and thinking you’re in a similar situation. Well if you take this loan you got in 2005 with and refinance it you can stand to save a large amount in monthly repayments. Current refinance rates in the Jacksonville area at the time of writing this are 4.375%. This means if we refinance the loan our new repayments are $769. That’s a saving of $204 a month, a great deal by anyone’s standards!

Of course there are other ways to refinance a loan (lower the term, etc) but this is here merely to show you the possibilities. My most adamant advice I can give is to take advantage of the current low rates and lock in a mortgage that will save you money in the long run. What have you got to loose? Here are some resources that can get you started.

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