Let’s face it, getting a mortgage in Florida can be a downright confusing process. Whether you’re a first-time homebuyer, purchasing a second home, refinancing or downsizing, it’s important to do your homework.
Two examples when a first and second mortgage loan can be a good financial strategy if purchasing a home.
Refinancing your mortgage may have many benefits, like lowering your monthly payment, reducing the amount of interest paid over the life of the loan, and having the ability to pull equity out of your home. It can also be an opportunity to drop PMI (private mortgage insurance) if you didn’t put 20% down when you bought your home.