So you want to save some money? If your reading this then I suppose this is very true, after all don’t we all want to save some money here and there? Well getting a Jacksonville refinance wont just save you little bit of cash, it could save you thousands. To understand why lets first of all take a look at the real estate market conditions in Jacksonville.
Out of all the cities in Florida, this is by far one of the fastest growing markets. It is clear to see that the housing activity has picked up considerably in this area since the recent destructive sub-prime mortgage crisis. Right now (at the time of writing) there is on average 22,000 properties currently on the market. There has been an increase in sales volume of 6% in the past year, and a decrease of 11% of housing prices last year.
So in general, for the market in Jacksonville there is some growth and improvement, but not a whole lot. There are is still alarge amount of buyer out there who can take advantage of the current situation. There have been many foreclosures in the past years and because of this it is still very much a buyers market as there is still a large inventory of houses 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.
People refinance for many reasons. This is just two of them. In today’s market they are the most common because so many people are taking advantage of the lower rates, and for a good reason too! If there is any advise you can take away with you from this it would be to seriously consider getting a refinance while you can. It could save you hundreds, maybe even thousands
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