Refinance

California Mortgage Advisors, Inc. recommends refinancing when you can reduce your interest rate by .250% or more on a Zero Point and Zero Closing Cost Loan. In some cases, .125% may make sense. What does .250% in interest equal? On a $1,000,000, .250% equals $2,500/year in interest and on a $500,000 loan, that’s $1,250/year. Do the math and you can see how much money you will save in 5, 10 or 30 years. There are many theories on, “When does it make sense to refinance?” The most common “outdated” rule stated that you must reduce your interest rate by 0.5% or more. This rule was true 20 years ago when you had to pay points and closing cost. It used to take 5 or more years to recoup your closing cost and begin saving money. Today, CMA offers hundreds of Zero Point and Zero Closing Cost loan options. When you refinance at a rate lower than your current rate on a Zero Point and Zero Closing Cost, you begin saving money day one of your new loan. On zero point and zero closing cost loans, there are no fees paid by you at closing and fees are not added to your principal balance.

California Mortgage Advisors, Inc. offers more than one rate and fee structure on nearly all our loan programs. Generally there are three types of rate quotes; points and closing cost, zero points and closing cost and Zero Point and Zero Closing Cost. The rate with the highest points and fees will generally be the lowest rate available. The loan with Zero Point and Zero Closing Cost will be the highest of the three quotes. Just because it’s the highest rate, doesn’t mean it’s the worst program. The Zero Point and Zero Closing Cost loan will have no fees thereby saving you thousands in upfront fees and points. Why does CMA prefer the Zero-Zero option? If you are able to reduce your current mortgage’s interest rate and lower your interest cost and mortgage payments with zero out of pocket expense, you will start saving money day one of your new mortgage.

California Mortgage Advisors, Inc. offers hundreds of refinance loan programs and rate options. Our Mortgage Advisors will consult with you and find out what your goals and needs are so that we can structure a refinance program that meets your financial goals.

Maybe you plan on selling your home in 5 years and a 5/1 ARM with lower interest rates and payments makes more since. Maybe you want to pay off your home in 10 years as part of your retirement plan so a 10 year fixed is the best option. Maybe you have a child going to college and need extra funds to cover college expenses, so a cash-out refinance is required. Aside from lowering your monthly payment, there are many reasons to refinance. CMA is here to help you find the best program to fit your individual needs.

California Mortgage Advisors, Inc. has many programs to choose from. Below are some of the options available. Our Mortgage Advisors are here to help you decide on the best mortgage option. You can submit your questions here or you can call (800) 927-6560 for immediate answers to your refinance questions.

• Fixed Rate


• Adjustable Rate


• Interest Only


• Jumbo


• Conforming


• Fannie Mae


• Freddie Mac


• Home Equity Line of Credit (HELOC)


• Second Mortgage


• Debt and Loan Consolidation


• Cash Out Refinance


• Harp Refinance Program


• Reverse Mortgage


• FHA


• VA


• HUD


• USDA


• RHS


• Construction


• Construction Take Out


• 203 K


• Condo Loans


• Condotel Loans


• Tenants-In-Common Loans (TIC)


• Second Home/Vacation Home Loans


• Commercial Loans


• Apartment Loans


• Co-Op Loans


• Bridge Loans