Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. Borrowers may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Some homeowners refinance to ‘cash out’ and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly.
Regardless of the reason for refinancing, the mortgage consultant will need to know what the existing loan scenario entails. He/she will review the homeowner’s long-term goals and provide a comprehensive spreadsheet that outlines various loan programs that will provide noteworthy benefits to the homeowner.
Bear in mind, refinancing to obtain a lower interest payment could also result in a lower deduction at tax time. The homeowner’s tax consultant and mortgage consultant should work hand-in-hand with their mutual client’s best interest in mind.
San Diego refinance rates are now at record lows making refinancing more attractive. Depending on your credit score and other variables you could decrease your monthly mortgage interest expense tremendously.
Whatever your reason for wanting to refinance, I am here to answer your questions.