Considering property values in Los Angeles, California are consistently improving, it may be beneficial to refinance given that appreciation of your home may complement appraisal requirements.
There are various possibilities when refinancing. Here are some options you may want to look at:
- Refinance to Lower Rate: If you wish to just lower your monthly mortgage payment , this may be the best option for you. If you refinance, for instance, from a 5% rate (at 3.789% APR) for your $600,000 home to a 3.625% rate, you will save $484.62 every month on your mortgage payments.
- Refinance to Shorten Term: If you have the extra income and think you can pay off your loan and own your home earlier than scheduled, then you may want to refinance to a lower rate and shorter term. This may be a good idea when you anticipate retirement anytime in the next 10-15 years. Redondo Mortgage Center has various refinance programs that can help you get situated with this option.
- Refinance to Cash Out: If your property has equity, and you need money for home improvements and repair, education, and other milestone events, then you may qualify to refinance into a lower rate then, at the same time, do a cash out transaction without necessarily obtaining a second loan.
If your situation requires a different type of refinance other than the above-mentioned, please do not hesitate to call our office for a free consultation. We have various programs that suit numerous scenarios.
You may call 310-318-8999 or visit www.redondomortgage.com for more details.
No comments:
Post a Comment