Refinance ARM to Fixed Rate in California
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How will this property be used?
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Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
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Refinance
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Single Family
Multifamily
Condominium
Townhouse
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How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
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Summary
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Switching from ARM to Fixed Rate Mortgage
When interest rates are low, many homeowners reap the benefits of the adjustable-rate mortgage. However, the situation may change because there is a potential for interest rates to grow, and your monthly mortgage payment to increase. In this situation, refinancing ARM to a fixed mortgage rate can be a smart option.
If you consider refinancing to a fixed mortgage rate, our professional mortgage team will assist and guide you with changing to a fixed-rate mortgage in Los Angeles and other places in California.
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What Is a Fixed Mortgage Rate?
As the name implies, with the fixed mortgage rate you pay the same interest year after year for an agreed length of time. Typically, the duration of the mortgage is 30 years. This is the most uncomplicated mortgage available today, which attracts borrowers because they don’t have to worry about the increase in mortgage rates.
Even if mortgage rates rise overall, nothing will change for you. And if the rates go down, it is always possible to refinance to a lower interest rate. If you want to have peace of mind and not worry about the unexpected interest rate increase, then a bit higher mortgage rate comparing to adjustable-rate options is something that is worth considering.
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The Benefits of Refinancing from an ARM to a Fixed-Rate Mortgage
Stable Mortgage Rates
If interest rates increase, this doesn’t influence your mortgage payments. This gives you certain stability throughout the whole life of your loan, and this is a certain safeguard to you in case the rates rise.
Efficient Budget
Your budgeting will be more efficient. If you know exactly how much you need to pay every month, then this allows you to budget the remaining funds more effectively.
Various Loan Terms
Cash-out refinance
Refinance Process: Adjustable-Rate to Fixed
4 Easy Steps to Your Stabile Rates
Step 1 - Pre-Qualification
Talk to us to know your options.
Step 2 - Start Loan Program
We Shop – You Choose.
Step 3 - Pre-Approval
Get a loan approval on the terms you want.
Step 4 - Closing
Your goal is achieved!
How to Refinance from ARM to a Fixed Mortgage
There are several conditions for refinancing to a fixed-rate mortgage:
- Find out if you have a prepayment penalty.
- You need to have a certain amount of equity in the home (usually, minimum of 5-10%).
- Consult with us to see if you can not only switch from ARM to a fixed-rate loan but also lower your monthly payment. If you want to find a good deal on that, we will gladly assist you.
Refinance ARM to Fixed in California FAQ
What does refinancing from an ARM to a fixed-rate mortgage mean?
Refinancing from an adjustable-rate loan to a fixed-rate one means converting an existing loan with fluctuating interest rates into one with a constant interest rate for its whole duration. This switch eliminates the likelihood of future rate adjustments, giving way to consistent monthly payments and more predictability.
Why should I consider refinancing from an ARM to a fixed-rate mortgage?
Refinancing to a fixed-rate mortgage can offer several advantages:
- Rate stability: The fixed rate of interest is locked in to avoid any increase that may occur.
- Predictable payments: Your monthly payments will remain unchanged over the loan term.
- Peace of mind: Assures one of financial uncertainty brought about by sudden rate increases.
What credit score is needed to refinance from an ARM to a fixed-rate mortgage?
Most lenders prefer a credit score of 620 or higher to refinance. You may get a better interest rate if your credit score is higher. Pay down debt and dispute discrepancies on your credit report before applying to increase your credit score.
When is the best time to refinance my ARM into a fixed-rate mortgage?
Refinancing is most beneficial when:
- Rates are low: Refinance when market interest rates are low to lock in a lower fixed rate.
- Adjustments loom: Refinance into a fixed rate before the interest rate on the ARM adjusts significantly upward.
- Financial stability: Refinance when your income is stable and you can afford closing costs.
How long does it take to refinance an ARM to a fixed-rate mortgage?
The refinancing process typically takes 30 to 45 days from application to closing. Property appraisals, income verification, and lender workload can influence this timeline.
What costs should I expect when refinancing from an ARM to a fixed-rate mortgage?
Expect costs similar to your initial mortgage closing, including:
- Appraisal fees: To determine the current value of your house in the market.
- Credit check fees: To conduct a verification of creditworthiness.
- Origination fees: For processing your new loan.
- Title services: To ensure clear title ownership.
Will refinancing impact my ability to sell my home in the future?
Refinancing rarely precludes selling, but check your mortgage documents for early repayment penalties. A fixed-rate mortgage with attractive rates and stable payments could make your house more attractive to buyers.
How can I decide if refinancing to a fixed-rate mortgage is the right choice for me?
Consider these key factors:
- Current and future rates: Compare your ARM’s adjustable rate to current fixed-rate offers.
- Loan term: Choose whether increasing or reducing your loan term will be better for you and suit your financial goals.
- Budget: Make sure the new monthly amount is comfortably within your budget.
If you want to proceed with refinancing, let a mortgage advisor be contacted and discuss the options. You can come to a solution that best fits your long-term financial goals.
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