Contact a Refinance Loan Specialist
The real estate market is extremely volatile by nature. However, savvy homeowners understand how to take advantage of market fluctuations for their benefit. Refinancing an existing home loan is the traditional method for extracting maximum value from favorable markets.
California Mortgage Advisors Inc. is a leading lender serving the community with mortgage refinancing for over 20 years. We understand what it takes to help homeowners maximize home equity and current market conditions in order achieve their long-term homeownership goals. Our Mortgage Advisors are available at (800) 927-6560 to assist you with your mortgage refinance today. Are you ready to get started? You can apply here online.
Help Borrowers Understand Why They Want to Refinance
One of the most common mistakes that many homeowners make when deciding whether or not to pursue a home refinance is basing their decision specifically on current interest rates. While the interest rate is an important part of any loan, it is not the only thing to consider. Instead of obsessing over numbers, a homeowner should determine what they hope to accomplish with a home refinance and then decide if the numbers can help them achieve their goal.
At CMA, our refinance specialists understand that refinancing a loan is not a simple matter of switching out one loan for a lower interest rate version. Despite what some lenders may advertise, loan refinancing is often a costly and time-consuming process. CMA Mortgage Advisors are focused on helping borrowers understand what they want from their home refinance and decide if current market rates support that goal.
Understand the Costs and Benefits of a Refinance
The primary goal of every CMA refinance specialist is to provide borrowers with the information necessary to make an educated decision when deciding loan refinance terms and conditions. They don’t need to force one type of refinance over another, because at CMA, we offer so many different types of loans.
Borrowers usually refinance to lower their monthly payment or to reduce the overall length of their loan. However, each one of these options isn’t simply a universal benefit. Based on current market rates and loan terms, every refinance has certain drawbacks and associated costs.
When refinancing to a lower rate, most borrowers only focus on a lower monthly payment. This is obviously an immediate benefit as borrowers are paying less out of pocket per month. However, the refinancing process isn’t free. In addition to loans and fees, borrowers refinancing can also “reset” the length of the loan. This leads directly to an increase in total interest.
On the other hand, refinancing to a shorter loan term rarely reduces the total monthly payment that a borrower is making. In fact, it usually results in a higher monthly loan payment. However, reducing the total length of the loan means borrowers pay less over the life of their loan, saving them potentially thousands of dollars in interest.
Smooth Out the Process
Obtaining any type of loan can be a complicated and time-consuming process. Borrowers often assume that refinancing an existing loan will be simpler process or that refinancing through their original lender will simplify the process. However, depending on the loan terms and conditions, refinancing a loan often requires borrowers to submit the same amount of paperwork as their original loan. Our Mortgage Advisors will consult with you and then put together a detailed list of the required paperwork based on your situation, to obtain loan approval. We will do our best to make the process simple and painless.
At California Mortgage Advisors Inc., we genuinely believe that we offer our customers the best mortgages in the industry. We have offered a variety of loans since 1993, which means our Mortgage Advisors have successfully matched tens of thousands of borrowers with loans tailored to meet their needs and unique financial situations. Are you ready to get started? You can apply here online or call (800) 927-6560 to speak with one of our Mortgage Advisors.