Credit card debts have spun out of control. If you are one of the millions of Americans plagued with piling debts, debt consolidation is a practical alternative. If a refinance can bail you out of this financial mess, ask a Florida refinance expert to explain the mortgage details before you put up your house as collateral.

What To Expect From A Mortgage Expert

Getting a refi to consolidate your debts is not the best reason to get a refinance. But experts can help you out. These refinance companies have several mortgage programs for every need and financial capacity.

Wherever you are, a Florida refinance expert can walk you through the different mortgages and interest rates. An online mortgage calculator can provide you with an accurate estimate of your monthly amortization for a 30, 20 or 15 year loan.

The refinance expert will offer you various mortgage programs. Before he launches his sales talk, ask the following questions:

* What is the lowest fixed mortgage interest rate that can be available in your case?

* Do they charge a penalty for early payment?

* Can you back out from the deal if you realize that the mortgage is no right for you?

* Who is going to service your mortgage when the deal is signed?

* What are the tax benefits available?

An expert is bound by ethical standards to tell you your rights as a consumer. He should honestly answer your questions. After all, it's you who will be burdened with the mortgage. So be vigilant about your rights. He will offer you both traditional and conventional mortgage schemes and explain what to expect from these types of mortgage programs.

Do Your Research

Before a meeting with a loan agent, weed out the refinance companies until you find one that can deliver the lowest interest rates. Find out if the fees are all laid out and what the company expects from day one to the closing of your refinance.

With advance knowledge of the monthly amortization of your refinance and the company's requirements, determine the overall budget after expenses and taxes. List other possible sources of income aside from your regular paycheck and make sure you have enough to cover your family's needs, or else your plans will not stand a chance.

Calculate how long you'll be residing in your home. If you're going to stay for 3 to 7 years, get an adjustable mortgage while the interest rates are low and adjusts later on to the prevailing rate. Get one that matches your timeframe. Ask the loan expert from the Florida refinance company about the feasibility of an ARM in your situation.

Family Collaboration Counts

If you've been building the equity of your home, a Florida refinance company should entitle you to 90% of the current value of your house. Use this money to pay your credit card debts. Use the remaining amount for emergency purchases. Remember this is not the time to splurge, but to save up for the future and to keep your house.

If your refinance has been given approval, take the new mortgage seriously. Your house is your last valuable asset and you can't live on the streets. Prepare a practical financial plan. Enlist your partner to help you and talk it over with your kids. Explain there'll be some things they have to live without like weekly movies and new gadgets. Family cooperation can make living on a reduced budget bearable and contribute to the success of your Florida refinance.