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California Refinancing

California is a hot-spot for homes, and if you are lucky enough to own a home in California, you know that real-estate prices are fairly high. Therefore, you will want to do what you can to keep your mortgage rate as low as possible, and refinancing your California mortgage can be your answer. Knowing what to look for and how to get the best refinance rate will help you get the best mortgage payment.

Do Your Research

Look into California refinance rates. Are most mortgage lenders advertising a mortgage refinance rate that is at least two points lower than your current mortgage? If the refinance rates are a little lower but not quite two points, are they offering to refinance your California mortgage with little to no fees? If you answered, yes, to either of these questions, you may want to consider refinancing your Colorado mortgage. Due to the fees associated with refinancing, most experts agree that you should not refinance unless the rate is two points lower than your current mortgage, but if those fees are waived you can still save with refinancing.

Why Are You Doing This?

Refinancing your California mortgage is like going through the whole mortgage process all over again. You need to consider why you want to refinance before you go through the whole process. Make sure you have a good, solid reason for refinancing like you need major home improvements or need to lower your monthly payments for budget reasons. Refinancing just because someone is telling you to do so is not necessarily the best reason to go through the process all over again.

Shop Around

Most people who get the best California refinancing rates are those who shopped around for their mortgage. If you want to find the most reputable company that will offer you the best rate with the fewest fees, you need to shop around for your refinance rates. You can use a licensed mortgage broker either online or in person to help you assess your options.

Ask the Right Questions

When you work with a mortgage lender to determine your California refinancing rates, there are some important questions you need to ask. You need to find out how long the refinance rate will be good. Sometimes lenders have teaser rates that will only last for a certain period of time, and then you could end up paying a much higher mortgage payment. You also need to ask for a good-faith estimate. The good-faith estimate will give you a fairly good idea of your interest rate and closing costs so you can prepare for your refinancing. Finally, you need to ask your mortgage lender to give you a guarantee, in writing, of your California refinancing rates. If your mortgage lender will not give you the estimate or anything in writing, you should be very wary and walk away.

Can You Walk Away?

If you are so glad you found the best California refinancing rate and you are all ready to close the deal, then you get your closing paperwork and see that nothing is what you were promised, you have the right to walk away. You have rescission rights at closing. If your refinancing turns bad, you have three days to reject the deal in writing. The lender then has 20 days to return your mortgage refinancing fees.


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