If you would like to pay less interest on your current home loan or you are looking for a mortgage which better accommodates your needs, it might be time to consider a refinance in California.
With a refinance, it may be possible to switch to paying a lower interest rate on a mortgage which is more suitable given your current financial situation.
Here are some benefits that you might be able to look forward to if you are able to successfully refinance your mortgage:
Pull Cash Out
Access equity to start or finish those home improvement projects you have always wanted to do.
Pay off high interest cards/loans to improve monthly cash flow.
Lower your Interest Rate and/or Term
See if now is the time to lower your rate or term to save money on interest or pay off sooner.
Here are some signs that it may be the right time to refinance your home in Oakhurst or elsewhere in CA:
When your credit score has gone up and/or your DTI ratio has gone down, you may qualify for a more competitive loan than the one you have now.
If you are looking for more stability than your adjustable rate mortgage (ARM) is giving you, it could be time to refinance to a fixed rate mortgage.
Mortgage term too short or too long? You can give yourself more or less time to pay off your mortgage by refinancing. You also can get rid of unwanted prepayment penalties.
If you have a fixed rate mortgage now but will be leaving your house sooner than you thought, refinancing to an ARM could give you access to a low introductory rate for the next few years.
Tired of paying for private mortgage insurance (PMI)? You may now qualify for a mortgage which does not include this requirement.
If you are currently stuck working with a lender that is not fair or transparent, refinancing under a different lender can replace a bad relationship with a good one.
Divorce – We offer products specifically designed for life changing events
When considering whether you qualify for a refinance, the same basic factors will be considered as when you apply for a new mortgage:
Your credit score
Your debt-to-income ratio
Your employment status
Your payment history on your current mortgage
Other financial factors
If you believe that this might be the right time for a home refinance in Oakhurst or elsewhere in California, please give us a call today at 559-540-2275 to schedule your free home refinance consultation. We look forward to connecting you with a mortgage which will better serve your needs.
Granite West Funding, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.