Mike Pearson | Source | SVP of Business Development at A&D Mortgage, LLC

Mike highlights homeowners with high equity, those eliminating PMI, and savvy investors as prime refinancing candidates. He notes, "Even a 0.5% rate drop can be beneficial." Consulting a mortgage broker is crucial to evaluate financial goals and competitive rates. Caution is advised for those planning to sell soon or nearing mortgage payoff.

Mike dispels myths about Florida's housing market, noting, "Insurance costs vary, with some areas seeing stabilization." Inland regions face fewer weather risks, and first-time buyers find opportunities. Property taxes differ by county, and HOAs vary in restrictiveness. While rising costs challenge retirees, Florida remains affordable compared to states like California. Mike emphasizes the importance of research in navigating the market.

Mike advises that buying points can lower monthly payments for long-term homeowners but may not be cost-effective for short stays. "Buying points directly reduces the interest rate," he explains. Buyers should understand the breakeven point and consult their lender to model different scenarios.