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Refinancing Your Sanibel Home - We did it!

Jim McCallion

Hello. I’m Jim McCallion, Sanibel resident, former software company owner, father of four, and co-founder of McCallion & McCallion Realty...

Hello. I’m Jim McCallion, Sanibel resident, former software company owner, father of four, and co-founder of McCallion & McCallion Realty...

Nov 3 3 minutes read

We've experienced historically low interest rates this year, which prompted us to refinance our Sanibel home. While the process certainly wasn't quick and easy, it was WELL WORTH the savings on our monthly payments. We worked with Sanibel-Captiva Comunity Bank to refinance our home. Their expertise was so vast that we wanted to share the information with you! At the bottom of this page, you'll find our video interview with David Wright and Kristin Marks of San-Cap Bank's lending team. 

Why Refinance?

Since we purchased our Sanibel home in 2007 when interest rates were high, refinancing was a "no-brainer" for us. But, not every situation is the same. Maybe you purchased your home at a different time when interest rates weren't so bad. I would consult a trusted lending expert like David before starting the process to see if it even makes good financial sense for you.  

Pro-Tip

We highly recommend using a local bank when purchasing or refinancing, especially in unique real estate markets like Sanibel & Captiva Islands.  

The Process of Refinancing

We submitted our application for refinancing in July 2020 and closed with the new terms and rates in October 2020. That's how long the process is taking due to COVID, the new overlays, and the vast number of new purchase loans and refinances taking place this year. So, put your patience cap on! It is a long process. 

For us, the plus side is that Sanibel-Captiva Community Bank was highly organized and well-versed in the new guidelines, which made our process pretty smooth. As self-employed small business owners, the documentation process was even more challenging for us. But David and his team helped us through every step of the way and provided a great checklist of paperwork needed before we even starting the process. 

Understand The Advertised Rates 

As David mentions in the full video interview below, most of the interest rates you see online represent new purchase mortgage rates. In fact, the FHFA has now imposed a 0.5 % fee on all refinancing loans, which makes the rates for refinancing higher than the advertised rates you see online. So, be sure to ask your lending team about the rates for refinancing while you're still deciding if now is the right time for you to refinance your Sanibel home. 


Our full interview with David and Kristin is linked below. Please don't hesitate to reach out to us, or David with any questions about the process.

Susan & Jim McCallion, 239.472.1950 or [email protected]
David Wright, 239.472.6100 or [email protected]

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