Refinancing Your Mortgage in California
Times are tough in California right now - there is no question about that.
The job market is horrible and legislators can't figure out how to balance the budget.
This will mean cutbacks and tax hikes. Many people are looking to cut back on their expenses, and a mortgage refinance can be a great way to do so.
Mortgage rates are currently near all-time lows, which means that now is a great time to refinance your mortgage.
Real estate values have fallen in California over the past few days, but that doesn't stop you from being able to refi your mortgage.
Why would someone want to refinance their mortgage?
There are a number of different reasons. The most common reason is to take advantage of lower interest rates.
Let's say that you are currently locked in at a rate of 7% on your mortgage. By refinancing, you could suddenly find yourself paying 5.5% due to the drop in mortgage rates over the past year.
Some people will refinance to lower their monthly payments; some people will refinance in order to consolidate some debt; some people will refinance in order to extend their repayment time and lower their monthly payment.
Everyone has a different situation, and there are many different reasons why people choose to refinance.
There are costs incurred when it comes to refinancing - the entire trick of refinancing is that you are looking to better your current situation even AFTER all of the costs are tabulated.
The good news for you is that there are many lenders and banks that are eager to do business with you. Sure, California has its problems right now, but so does the right of the country. There are many banks and lenders that are still eager to do business with you.
How do you find these banks and lenders? That's the easy part.
LendingTree.com is a major (and well-known) site that services people from all 50 states.
The company acts as the middleman between yourself and the lender. Here is how it works:
LendingTree will then match these details against the hundreds of banks and lenders in their database. They will then present competing quotes from a number of different banks and lenders.
If you like any of the quotes, then you can simply click a button to begin the process of refinancing your mortgage.
If you don't like any of the quotes, then you can simply walk away. There is absolutely no obligation when it comes to these quotes - quotes are free, with no strings attached.
If you are living in California right now, then now is a great time to think about refinancing your mortgage - rates may never be this low again.
Even if you are just curious about how much you may save by refinancing your mortgage, you can simply request a quote from LendingTree and they will let you know how much you could save.
Filed under: General Knowledge
