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How to Save Money with Mortgage Refinance in California
Refinancing is replacing an existing loan with a new one. Refinancing is a good option for those who want to change loan program from an adjustable-rate to fixed-rate, lower monthly payments, reduce their interest rate or remove private mortgage insurance (PMI).
There is also a possibility to obtain some cash to pay off debts or for renovation projects if you receive a cash-out refinance. Since home values rise, you might have enough equity in your home for this type of refinancing. Get known your refinancing options before making a final decision.
If you want to pay off your loan faster the excellent option for you would be refinancing to a 15-year mortgage. You might have to pay more each month, but in the long run, you will save a lot of money in interest payments because 15-years refinance loans generally offer a lower interest rate.
Other possibilities for paying off a mortgage faster is making a big payment at once if you have received a considerable amount of money or paying extra with each of your payments.
A 30-year refinance loan is an excellent choice for those who want to lower their monthly payment. If you are looking to lock in a fixed interest rate, consider switching to 30-year refinance loan.
In this way, you will reduce your monthly interest rate and save a lot of money each year. If your credit score is high, then this type of refinancing will not be a problem.
If you need some extra cash, for example, for home improvements or other needs, and your house is worth more than you need to pay on an existing mortgage, then you can have a cash-out refinance.
You will replace your existing loan with the one that has more favorable terms and receive the difference in cash.
An adjustable-rate mortgage can be refinanced to a fixed-rate mortgage. In this way, you will have confidence that your monthly payments and interest rate will be stable and will not increase due to inflation or other factors.
You will be more efficient with your finances and will be able to budget for your needs accordingly.
FHA Streamline Refinance
There are also government refinance loans. The Federal Housing Administration conducts a “streamline” program when homeowners can refinance the loan insured by FHA with less paperwork.
Thanks to the federal Home Affordable Refinance Program homeowners can refinance up to 125% of the value of their home.
Mortgage Refinancing Process
4 Easy Steps to Refinance Your Home Loan in California
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