Is it Time For You to Refinance?

Most home owners jumped on the wagon of doing a refinance in the last few years. Just in Santa Clarita, Ca we have stats showing a whooping 88% had recently done a refinance Santa Clarita.Santa Clarita mortgage

Do you need a lower house payment or some cash out to pay off some other debts. ? When to refinance is the question most homeowners ask. It could be you are looking to lower the monthly mortgage payment but also maybe get some cash out to make home improvements or other. We can calculate if refinancing Santa Clarita is advantages to you. A refinanced loan can be worth its cost many times over, because of the advantages that it brings, as well as a lower interest rate.

Benefits of a Home Loan Refinance

A lower interest rate mortgage may be a great solution for you. When you refinance, you may be able to lower the interest rate and mortgage payment , perhaps by a lot. You also could have the option of pulling out some of the equity in your house by “cashing out” a sum of money to fix up your home, consolidate debt, or take your family on a vacation. You may be able to refinance to a shorter-term mortgage loan, enabling you to build up your home equity faster.

Knowing what you can afford in monthly payments is very important when considering a real estate purchase. If you have a maximum monthly payment amount that you feel comfortable with, then you will eliminate the possibility of making yourself “house poor”, meaning that all of your income goes towards your housing payment, leaving you little extra money for fun or entertainment.

Fees and Expenses to Refinance your Mortgage

Mortgage Consumer can research various lenders to find you the lowest fees on a new mortgage. We recently had an Anaheim home loan that the Borrower was getting ready to pay almost $12,000 in fees to a Quick Lender. Luckily, we stopped him. All these advantages do come with some expense, though. With your Palmdale refinance, you’re paying for most of the same things you paid for during your existing mortgage loan. These might include settlement costs, an appraisal, lender’s title insurance, underwriting expenses, and others.

Considering hiring an Santa Clarita Realtor to guide you whether you are buying or selling. Going it alone when buying or selling a house is possible, but difficult. A good agent will help you find the right house or the right buyer. Agents will also handle the overwhelming paperwork that comes with real estate transactions.

Deal Direct with the Bank

Most mortgage brokers Santa Clarita Valley will offer you one loan option. Try a local Bank before shopping anywhere else.

You might investigate paying points to receive a lower interest rate. If you pay (on average) three percent of the loan amount up front, the savings for the term of the refinanced mortgage can be great. You might have heard that the points may be tax deductible, but as tax regulations can be ever-changing, please consult with your tax professional before depending on this.

Another thing about taxes is that if you lower your interest rate, naturally you’ll also be reducing the interest amount that you can deduct on your taxes. This is another expense that borrowers take into consideration. Call us at 877-244-9190 to help you do the math.

Most borrowers find that the monthly savings outweigh the up-front expenses of a home loan refinance. We can help you figure out what your options are, considering the effect a refinance of your home loan  may have on your taxes, how likely you may be to sell in the next couple of years, and your cash on hand. Call us at 877-244-9190 to get started.


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