California real estate prices have jumped so much in recent years that
refinancing mortgages has increased potential savings. With higher
equity ratios, you can cash out part of your equity at favorable rates. But
don’t limit your lender search just to in-state lenders. Look to online
financing companies to give you the best deal on a refi.
Tap Into Increased California Home Values
With California’s hot housing market, home equity has shot up for most
homeowners. Higher equity ratio makes refinancing easier. With a large
equity base, lenders are more likely to offer low rates.
That means you can consolidate your high interest debt, renovate your
home, or finance a college education at a reasonable price. And in most
cases you can use the mortgage interest as a tax deduction.
Don’t Just Look At In-State Lenders
Financing companies based across the nation are competing to get your
refinancing business. Offering lower rates online than in their regular
offices, you can’t afford not to shop online for a lender.
Online lenders will give you free loan quotes that you can compare with
other offers. As long as you don’t give a lender permission to access
your credit report while requesting quotes, it won’t affect your credit
score.
What To Look For In A Mortgage Lender
Great rates are the first thing people look for in a lender, but you
want to be careful about fees. 3% is average for closing fees, so watch
out for anything higher. You can also use the APR to evaluate loans and
find which is truly the lowest costing loan.
A good lender will also give you prompt service. With most lenders you
can ask questions any hour over the phone, email, or instant messenger.
They are also prompt in mailing out information and contracts.
Once you are ready to commit to a lender, the process will take about
two weeks. Most of the application is completed online with only the
most basic information needed. Then the contract is mailed out the next
day. Funds are often dispersed in less than two weeks directly to your
checking account.
Carrie Reeder is the owner of http://www.abcloanguide.com.
Visit her site to find recommended lenders for a California Mortgage Refinance Loan.
View her recommended California mortgage refinancing lenders online. Also, view her recommended 125% home equity loan lenders online.
