Located in Broward County. Florida, the city of Miramar is a lovely, middle-class community located about 14 miles southwest of Fort Lauderdale. Incorporated in 1955, the city’s name is Spanish for “View of the Sea,” and boasts a population of around 100,000 within its 30 square miles.
With about 18,000 of Miramar’s residents over the age of 55, the city was named one of Money magazine’s “Best Places to Retire” in 2006. The median home price is $267,200, making Miramar an affordable choice for many who are looking for a sunny, friendly, low-crime area in which to spend their golden years.
There are a few things to keep in mind when shopping for your Miramar refinance, mortgage or home equity loan. First of all, you have to have enough equity built up that you can borrow against it. If so, a home equity loan or line of credit can be an excellent idea if you want to pay off your credit cards (which carry much higher interest) or pay off medical bills.
A home equity loan can help you out in a number of ways:
The interest rates are lower. An equity loan is secured by the value of your property, so the rate on the loan is generally far lower than what you carry on your credit cards. Your Miramar home equity loan’s interest will most likely be higher than your first mortgage, but you can borrow a decent amount of money and the interest is tax-deductible up to $100,000.
There is also flexibility built into home equity loans. If current interest rates are low, you can apply for a home equity loan that is fixed at that rate. If you want the money to pay off other debt or finance improvements on your home, this is an excellent option. If your cash flow is uneven and you occasionally fall short, a home equity line of credit can help with that. You can borrow whatever you need up to a certain amount using checks or a credit card, just like a regular bank account. The interest rates are based on whatever the current interest rate is, and it gives you a source of money that you can fall back on when you need it.
While there are loan packages designed for every conceivable situation, you should always be careful not to borrow more money than you can repay comfortably, especially a home equity loan. If you fall behind on a loan that is secured by your home, the lender could foreclose on your property if you do not make the payments.
If you are shopping for an initial mortgage, be sure to consider all of your options. With the recent explosion of the mortgage industry, there are lots of different loans out there, and choosing the right one may help you avoid the need for a refinance later. Look both at traditional mortgage options and non traditional loans to help get the perfect product for you.
Contact a lender or broker to discuss your Miramar refinance, mortgage or home equity loan. After you find a loan option and an interest rate that works for you, then you can carefully review all of the paperwork, including the fees and costs attached to the loan. Look over that Good Faith Estimate and your Truth in Lending Act statement. If you know anyone who works in finance, it might be a good idea to also have the look at the paperwork. Make sure you understand the fees and costs attached to your loan, the monthly payments, and what your payments will look like in the future.
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