Condotel Mortgage Rates
Check the market closely to determine the available rates and costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points. Then determine what your new payment would be if you refinanced. You can estimate how long it will take to recover the costs of refinancing by dividing your closing costs by the difference between your new and old payments (your monthly savings). However, the ultimate amount you may save depends on many factors, including your total refinancing costs, whether you sell your home in the near future, and the effects of refinancing on your taxes. The old rule of thumb used to be that you shouldn’t refinance unless the new interest rate is at least two percentage points lower. However, many companies are now offering zero point loans and low cost refinancing. Therefore, even if your rate change is less than one percentage point, you may be able to save some money by refinancing.
Adjustable Rate Mortgages: Condotel Financing
If you intend on staying in your home for many years and your savings by refinancing is less than 2 points, you should still weigh the pros and cons on whether refinancing will ultimately save you money in the long run. A mortgage broker can weigh the pros and cons. As an example, I had Condotel mortgage client who was currently paying a 5.75% interest rate on her Florida Condo Hotel unit. Since it is a Condotel, interest rates are higher than regular conforming mortgage loans. My Condotel mortgage rates were at 5.25% for investment Florida Condo Hotel mortgage rates. So this Condotel mortgage loan was not feasable for the Condotel mortgage borrower and I recommended that the refinance would not make sense for her because the two Condotel mortgage rates only had a 0.50% interest rate spread.
If you need current Florida Condotel mortgage rates, please contact me at www.gustancho.com .