Refinancing for California Home Owners

California home owners are in a unique position because of the rapid increase of property values that has taken place over the last year.  In fact, three of the ten fastest increasing markets are in California- Riverside, Sacramento and Stockton.  There is almost no reason that anyone should be paying over 4.5% interest rate and many people will also be able to remove their PMI making their payments even lower.  

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A few reasons you should consider refinancing today:

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan could be a good choice for you. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you lock in the low interest rate for the life of your loan. If you aren't expecting to move in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise loan option. However, if you do see yourself moving before too long, an ARM mortgage with a low initial rate could be the best way to bring down your monthly payment.

Refinancing to Cash Out

Is "cashing out" your main purpose for your refinance? Your home needs renovating; your son has been accepted to University and needs tuition; or you have a special family vacation planned. With this in mind, you'll need to get a loan higher than the balance remaining of your present mortgage.So you'll You'll be looking for a loan for a higher amount than the balance remaining with your existing mortgage in this case. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Consolidating Your Debt

Do you hold other debt, perhaps with high interest, that you need to consolidate? If you have enough equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a chunk of cash every month.

Building up Equity Faster

Are you dreaming of paying off your loan sooner, while beefing up your home equity faster? Consider refinancing with a short-term loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your payments will usually be higher than you have been paying. But, you could be able to make the change without a bigger monthly mortgage payment if your long term mortgage loan was closed a while back, and the balance remaining is low enough. You may even pay less! To help you understand your options and the many benefits in refinancing, please contact us at 619-542-7744. We are here for you.

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