mortagesandforeclosures

by Trent Biller

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.

This is one of the golden cities of Florida. It has one of the fastest growing real estate markets out of all the cities in the state. Although there have been some recent though times we can tell that the market is starting to pick up again. There are currently 22,000 houses on the market as we speak. The sales volumes are up 6% from last year while there has been a decrease of 11% of the pricing of these houses for sale. So yes the figures aren't impressing but they are better.

So to sum up the market conditions, there is growth but its not fantastic. We have seen many of the buyers start to take full advantage of all the houses available on the market due to the many foreclosures. It is still a buyers market as there is still a large inventory of homes currently on the market.

So we are seeing the bottom of the market, the dark days of the sub-prime mortgage crisis are ending. Hopefully. Either way this is the perfect time for your refinance! You need to take full advantage of the record low interest rates out there and get a Jacksonville refinance while you still can.

You can save a bundle by getting a refinance. Get a refinance for a lower interest rate and you can save two ways; firstly you could refinance for a lower interest rate and get a lower monthly repayment, or you could do the same and reduce the term of your loan. Or you can get both! It up to you how to decide to refinance, but just know there will be a trade of between the two.

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.

There can be a variety of reasons why someone would refinance a loan. The most common of these in today's market is to refinance for a lower interest rate, this is obviously to take advantage of the low rates and save! If there is any advise I would give to people in today's market its to refinance now before its too late! I hope getting a Jacksonville refinance will save you all bundle.

About the Author:

Trent Biller has been writing about mortgages for well over 6 years now. If you want more information about Jacksonville refinancing then visit this site to learn more. Get a totally unique version of this article from our article submission service

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