urges Florida residents to take advantage of a US Government Program to get a reduced interest rate Florida Home Loan

If you’re worried about the interest rate on your HELOC (Home Equity Line of Credit) – a Florida Mortgage Company suggests you to consolidate it into a Florida Home Loan Refinance before it’s too late.

Online PR News – 22-November-2009 – – Derrick Carson, a Florida Mortgage Broker, states that Florida is one of the top three states where equity is scarce. If you have a home equity loan, also known as a line of credit or HELOC, you should consider consolidating it into a Florida Home Loan refinance if it is not already too late.

With Florida mortgage rates hitting an all time low and interest rates are in the high fours to low five’s, it only makes sense to get rid of an adjustable rate line of credit or HELOC.

Mr. Carson states that even if your loan is ‘under water’, there is still some good news. President Obama's new housing package allows homeowners who owe as much as 105% to receive government backed loans. To qualify for the government program though, several conditions must be met.

• Your original mortgage must be held by one of the government sponsored entities, Freddie Mac or Fannie Mae
• You must also prove that you can keep up with payments
• You may need to pay additional fees of 0.25% to 3% onto your mortgage rate.

If you cannot consolidate your first mortgage and your line of credit because you're over the 105% limit, there is another option. The second lien holder must be willing to subordinate the line of credit which means they stay in the second lien position. If these conditions are met, you can get a Florida home loan refinance on the first loan so you can still lower the first mortgage interest rate and monthly payment.

The last financing option is if you have an adjustable rate on your first and second Florida mortgages is to bring cash to the closing table. So, if you have money in a 401K or retirement plan or enough cash in savings, it may be worth it to pay down on your first mortgage to get a low fixed interest rate.

This way you stop the adjustable rate from rising and costing thousand and thousands of dollars over the period of the term of you Florida mortgage. Also, if you borrow against your 401k you have to pay your self interest which is much better than paying a lender all that interest.

If you would like to learn more about getting rid of that HELOC, Orlando Mortgage or a second mortgage, please visit this web site:

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