Mortgage Refinancing in California: An Option to Avail Better Rates
Having a property in the state of California is everyone's desire, but only some lucky people have that privilege; you are definitely fortunate if you own a house here. At the same time, you do not want to pay high rates while your house is on mortgage. You never get to save money that way. Unfortunately, the first home loan of many home buyers Is not the right choice. Lack of experience and information are the reasons why people make wrong choices. Loan type, and mortgage lender - both need to be selected carefully. The good news is that with mortgage refinancing, in California as anywhere in America, you can correct your selection, and save money by paying less. Refinancing mortgage simply means refinancing the existing mortgage or home loan.
When Current Home Loan Becomes a Burden, Mortgage Refinancing is the Solution
As we saw in the previous section, the wrong selection of either home loan type or lender, or both, can make you pay higher monthly fees. The concept of mortgage refinancing or home loan refinancing became popular because it gave a chance to amend the mistakes committed while doing the loan-lender selection. With refinancing, one gets to find a right lender who offers lower rates. Similarly, one can switch to a different loan type; such as from adjustable rate mortgage (ARM) to fixed rate mortgage (FRM) and vice versa. In California, refinancing home loan is really easy nowadays. However, in cities like Los Angeles, San Francisco and San Diego, one has to go for a jumbo mortgage while refinancing.
What is Jumbo Mortgage Refinancing?
In major cities of CA when the amount for a mortgage equals or exceeds $600,000, the mortgage can be called as a Jumbo mortgage. If you go for a refinancing with such an amount, you definitely completely pay your old loan, and you can renovate your house, or sell it and move to another house, or use the extra money to pay old bills or address other financial issues. The mortgage can be on a fixed rate of 30 or 15 years, or you can choose an adjustable rate to pay the interest. If you have a stable income that can pay the annual percentage rate or APR (interest+ additional fees), you can go for any mode of payment. Apart from that, to qualify for such a loan in CA, you need to have an excellent credit score. Although purchasing a house in CA has never been cheap, the competition between lenders, and availability of local lenders make it a bit relaxing for home buyers nowadays.
Here's the rate chart for jumbo mortgage in CA in the last week of December 2017
|Product||Rate||Change||December Last Week|
|30 year fixed jumbo mortgage||4.14%||0.03||4.17%|
|15 year fixed jumbo mortgage||3.95%||0.01||3.96%|
Choosing a Mortgage Lender While Jumbo Refinancing in CA
To make use of the competition between lenders, and get the best deal while jumbo refinancing, you really need to have a thorough comparison. Collecting data of hundreds, if not thousands, of direct mortgage lenders in CA is impossible. Therefore, a mortgage broker with all the data is the gateway to your home refinancing.
MortgageLoanSpot as a trustworthy broker, goes one step further to help you with finding the right mortgage lender. Our seamless and fast application process, which is accessible every moment, requires very little information about you. Once you are done with the application, we would bring best jumbo mortgage rates in California by different lenders. Then you can select the best one according to you. The information on our FAQ page would guide you determining everything that you might want to know about your eligibility and rates. Applying for mortgage refinancing with MortgageLoanSpot means lowest rates and fast approval!
Our Helpful Tools and Info
We have put together some helpful information and mortgage calculators to help answer any questions you might have.
Our complete list of loans along with their detailed description will help you decide which loan is good for you.
We have put together some calculators to help you make sense of the numbers. They are all easy and fun to use.
Questions & Answers
Here we tried to answer the most important questions you may have. For more answers use our contact page form or call +1 (850) 733-2400