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4/07/2013

Mortgage Rates Falling


 MORTGAGE RATES TAKE ANOTHER DIP
 
 
What can I do to help your family?
Is the lowest - cheapest rate the right choice?
How can you tell by calling banks and checking their websites?
Will they be able to close on time after you paid upfront fees?
 
Whatever your financial goals may be, there ways to analyze if you should refinance your home or rental property. I offer a wide array of home loans to fit your needs and lifestyle. Lower your mortgage into the three's for 30 year and twos for 15 year...
A few options are listed below.

What are your families’ life goals? What plans are you making for the future?
  • A stable monthly payment. If you have an adjustable-rate mortgage, a fixed-rate mortgage translates into a predictable payment of principal and interest that doesn’t change over the life of the loan.
  • To free up cash in your monthly budget. Refinancing to a longer-term mortgage or securing a lower fixed rate can reduce your monthly loan payment, allowing for greater cash flow. This can help with budgeting for upcoming expenses such as additions to your family or on the opposite spectrum -higher expenses because you have children going to college.
  • Paying off your mortgage faster. Reducing the term of your mortgage – usually from a 30-year mortgage to a 10-, 15- or 20-year mortgage – will accelerate your loan payoff and help you build equity more quickly. It is important that you look into the next five and ten years, as committing to making a higher payment may cause undue stress in the future
  • Managing events in the future How long will you own the house? What is coming in the next years? Is the size of the property right for five and ten years from today?
  • We have programs even if you are upside down or your own bank turned you down  I have been closing mortgage loans in California for almost twenty five years.
To better understand the steps involved in refinancing a home,  visit my website or better yet, let’s talk about it. Get out your current mortgage statement and a pencil and paper. We will work together to find the lowest interest rates, improve your FICO before you apply as that relates to the mortgage rate, and talk about what is the best course of action for you.
If you or someone you know would like to learn more about refinancing options, please keep me in mind. I’m always available to answer your questions and to provide the information you need to make a decision that’s right for you.
In general I will encourage you to find the lowest cost loan rather than paying large fees to make a temporary fix.






Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation.
Rates change often and sometimes several times during the same day.
The relative benefits of these alternatives may vary over time and will depend on individual circumstances. The longer you keep the property and your loan at the new rate, the more interest savings will be realized when compared to your current situation. Lifetime interest savings amount assumes no prepayments on current loan. The real estate market in Orange County California has increased, let’s talk about the value of your home, what is happening in Newport Beach, Laguna Beach, Laguna Niguel, San Clemente, Corona Del Mar and much of Coastal Communities in California. Reports show values within ten miles of the ocean increasing faster than other areas of California.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice
 


WHAT YOU NEED TO GATHER:


Driver’s license or other photo ID’s

Home address(es) for the past 2 years

Paycheck stubs for the last 30 days

W-2’s and Personal FEDERAL Tax Returns for the last 2 years sign page 2 of taxes

If self-employed or commissioned, personal and/or business tax returns with schedules

for the last 2 years (year-to-date profit and loss statement and balance sheets may be required)

Employment information for the past 2 years, including employer, job title, tenure and employer’s addresses

Most recent 2 months statements (all pages) from banks or other financial institutions

Source of any non-payroll deposits (order copies through your bank)

Property addresses for all real estate you own

Mortgage loan statements for all mortgages

Other insurance and HOA statements for all properties



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