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What About a San Diego Mortgage Refinance?
By Phoenix Delray
If you are a homeowner in San Diego, you may want to consider a mortgage refinance for a few different reasons. You may be in need of some extra cash for home improvements or other purposes, or you may be interested in obtaining a lower mortgage rate, or your reasons for considering a refinance may be some combination of these. Whatever the reason, here s some basic information about mortgage refinancing that everyone should know.
Refinancing means applying for a secured loan to pay off another secured loan against the same assets or property, and has the potential to save the borrower money. A house is the largest asset that most people will ever own, and a mortgage payment, likewise, is the largest payment that most people have to work into their monthly budget. When you purchased your home, the interest rate that you are currently paying was determined by your credit rating, your down payment amount, and most significantly, the prevailing interest rates at the time of your loans origination.
If you opt for a refinance when the interest rates are lower, you may be able to qualify for a lower rate as well, which will lower your monthly loan payment and save you a significant amount in the long run. You can also shorten the term of your mortgage, which again, can save you literally thousands of dollars in interest payments, and if the refinance rate s lower, but you elect to maintain the same monthly loan payment, you can build your homes equity more quickly, since your payment will go directly towards the principal, as opposed to the interest of your loan.
Depending on your situation, you may want to look into the possibility of a cash out refinance, which involves refinancing your current loan for an amount that is higher than your current principal balance and using he extra money for other purposes. This is a very common type of refinance, particularly since t creates the capital for home improvement projects, paying off high interest debt, and other personal use. There are many benefits of a mortgage refinance, which is why they are a popular option for homeowners.
As with any type of loan, there are certain conditions and pre qualifying criteria to be met, as well as certain risks. Your San Diego mortgage lender can help you to determine whether a San Diego refinance is a viable option for you.
For more information on your next San Diego mortgage visit our site.
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Home Loan Mortgage Refinance Loan News
Mortgage Brokers: Now Is Good Time To Refinance (NBC 17 Raleigh)
While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage brokers said this is the time to do it. In the last few days, rates have fallen to just a little more than 5 percent, the lowest they've been in three years. It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or ...
Read more...Mortgage Brokers: Now Is Good Time To Refinance (NBC 17 Raleigh)
While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage brokers said this is the time to do it. In the last few days, rates have fallen to just over 5%, the lowest they've been in three years. It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or purchase a new home with ...
Read more...Home loan fraud still rising (Miami Herald)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.
Read more...Home loan change may boost sales (The Petersburg Progress-Index)
PETERSBURG — Good news for homeowners looking to refinance or those who aspire to buy a new home — they can now qualify for larger Federal Housing Administration mortgage loans.
Read more...Florida leads nation in fraudulent mortgage applications (Miami Herald)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle the problem of home loan fraud during the second quarter of theyear, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.
Read more...Some buyers may see higher loan rates (Boston Herald)
Anyone looking to buy or refinance a relatively costly Greater Boston home should move quickly if they want to avoid higher mortgage rates. That's because federal...
Read more...Mortgage freeze hard on self-employed (Rocky Mountain News)
The government’s recent moves to backstop the mortgage market have made it easier for many people with decent credit scores to get a loan. But for many self-employed people — even those with pristine credit — the mortgage freeze has yet to thaw.
Read more...Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
Read more...Avoiding your own mortgage collapse (The News Journal)
It used to be that homeowners struggling to meet their mortgage payments had two options -- refinance or sell the house. Foreclosures happened mainly to those who lost a job or suffered a medical misfortune.
Read more...Interest rate drop opens door to refinancing (Austin American-Statesman)
The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an incentive to people who have been holding back on buying a house.
Read more...