Here are reasons people refinance their home loan(s):
Rate Reduction - Rates don’t have to move much for a refinance to make sense. We simply need to determine the costs and benefits. The benefits may outweigh the costs…even with a rate drop that as is little as .25%.
Reduce monthly payment - change from 15 to longer terms as plans have changed.
Removal of Private Mortgage Insurance (PMI) – Some loans require PMI and while most allow the removal of PMI without refinancing, you may be able to get rid of PMI sooner by refinancing. FHA loans originated after June of 2013 do not allow the removal of PMI without refinancing the loan completely.
Consolidation – Do you have a 2nd mortgage/HELOC, credit card debt, car loans, student loans, or even mortgages on other properties that you would like to consolidate? If so, a consolidation refinance may make sense. Student loan interest rates are often higher than mortgage rates
Cash-Out – Are you considering home improvements, starting a new business, or another project/investment in the near future? If so, refinancing and extracting some of your home equity may be a good option to consider. Perhaps you need funds to send a child to college or care for parents
Life Events such as marriage, or divorce, college or a career change, homeowners often need to make a change in their mortgage which usually results in a refinance.
Change in loan term – Homeowners often find that their financial plans change over the years and in many cases that calls for a refinance. We offer countless loan terms. Whether you’re looking for an adjustable rate loan, an interest only loan, a 15 year fixed, or another program, I can assure you that the options are almost endless.
Count on me for honest guidance. I enjoy hearing from my clients. Call/email me if you or anybody you know would like to discuss a potential refinance scenario.
This spring the flowers are in bloom and it's time to refresh your payment
Call me 949 - 784 - 9699
NMLS 324982
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| poppy pattern for the Railroad diners circa 1800 |
Poppies in California are lighting up the hills with joy