In the northeast Florida real estate market, it’s not unusual to spot homeowners considering the option of refinancing their mortgage, assuming they haven’t already done so.  Considering that interest rates are still uncommonly low, perhaps it may be the right time to refinance your home.  Just make sure that you know what to do, what not to do and what to expect.

If you want the best rate your credit is still going to play a crucial role, just like it did when you originally purchased your home.  Nowadays this means that your score will need to be at least within the mid 700 range or so if you’re expecting good financing terms.  Check your report and your credit score, if it’s not quite there yet then consider waiting it out if possible.  And remember that if you’re looking to refinance quickly, it’s probably not going to happen as lenders are still dealing with a glut of homeowners who are in a similar situation.

It’s also important to be realistic.  There are very few areas in the country where values in the country have not fallen at least a little, a market like Jacksonville real estate being just one of many examples.  Your bank may assess a value that’s less than what you had in mind so be prepared to possibly hear a number that you may not agree with.