Saturday, 23 February 2019
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This Old House - Do-it-Yourself

Refinancing Your Home In California

Written by Posted On Sunday, 10 February 2019 19:15

Mortgage rates have moved lower in 2019 and now is one of the best times to refinance your current mortgage. Finding a great low mortgage rate means you can save thousands of dollars in interest if you find the right mortgage company. Whether it’s a fixed mortgage rates or an adjustable mortgage rate the opportunities to refinance your current mortgage to a lower rate are available in 2019. Reputable companies will have the best California refinance mortgage rates and you should only work with those companies.

Reasons To Refinance Your Current Mortgage:

If you purchased a home in 2018 you may want to consider a refinance of your mortgage. Late last year mortgage rates moved down dramatically as the stock market sold off. This was after mortgage rates hit nearly a 10 year high back in October/early November. Since then mortgage rates have moved down; at first very quickly. The biggest drop in mortgage rates was in the 30 year fixed rate loan program and the second biggest drop in mortgage rates was in the 14 year fixed rate mortgage loan program. Here are some additional reasons you may want to refinance your current mortgage:

Cash out: You may need some cash out to cover the cost of renovating the home; or maybe you have some medical expenses or possibly education expenses.

Shorter term: Some people want to pay-off their home mortgage as fast as possible so that the home they live in is free and clear. One of the best ways to do that is to get a 15 year fixed rate mortgage. So if you have a 30 year fixed right now; you probably want to consider switching to a 15 year fixed if you want to pay-off your home fast.

Switching to a fixed rate: Do you have an adjustable rate mortgage that’s about to adjust higher? If so, this would be a great time to refinance into a fixed rate mortgage, so your payment does not go any higher.

Mortgage Rates

Getting the best information on February 2019 mortgage rates will be a necessity if you are refinancing your current mortgage. Even if you have bad credit there still might be an opportunity for you to refinance your current mortgage into a better interest rate. Or maybe you want to update your kitchen or pay for your child’s college expenses; whatever the reason is make sure you do your research and find a great mortgage company to work with.

Appraisal

Guess what! You may not have to do an appraisal if you chose to refinance your mortgage. Right now it’s possible to get an appraisal waiver; not everyone gets one but if you do that will save you time and money. If you do need to get an appraisal make sure you clean your house before the inspector arrives. A clean house is more valuable than a house that looks like it’s not taken care of.

Get your quotes

If refinancing makes sense now is the time to go out and get your quotes. Don’t forget to be prepared to answer a few questions about your income, credit and home value so that the mortgage professional can give you a good quote. Once you’ve found the company you want to work with then don’t wait to move forward because mortgage rates change all the time.

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