Many times people do not listen to me because they are worried that I am selling them something. I do not sell. I will consult with you to determine if refinancing is good for you based on your current financial goals. If you have a ten year mortgage at 3%, I am not going to waste my time telling you to refinance to 2.875%. I have been talking to a gentleman living in the river park area about when he should refinance. He has a 2nd mortgage that is interest only so the balance has been the same for ten years now. I have been looking into the value of his home for the last two months and as soon as his value hits a certain level ,it is going to be the perfect time to refinance and get rid of that 2nd mortgage and lower his payment by $140.0 per month. That is not a lot of money but at least his loan balance will be going lower every month and that will help him build equity to go towards his retirement.
If you live in the Rocklin or Roseville areas, I would be happy to look at your current mortgage to see if you should keep it or refinance it to help your financial future. I wish I could get rid of the name mortgage broker in Rocklin and call myself mortgage consultant. I am not going to tell you how great my mortgages are because we all wish that we did not have to make monthly mortgage payments. I will show you how to get the lower your mortgage payment or how to pay off your mortgage in the shortest amount of time. Even the financial gurus on TV are saying it is a great time to refinance.
I am a Economics geek. I follow the ten year note rate every day just to see where mortgage rates are heading. If the ten year note rate increases then mortgage rates increase also. I love to watch cnbc to see were the stock market is at and where the ten year note rate is at. If your too busy to follow the in mortgage rates Rocklin , you can always email or call me at 916-261-2381 and I can tell you exactly what your new mortgage interest rate can be for your situation. Here is a video from cnbc talking about the current bond market. The ten year note hit a bottom on February 26th 2016 and has since ticked up .10%. It could be a great time to lock in your rate before they head up in the spring.
I would bet many people did not realize that the Federal reserve raised their rate by a 1/4% back in December 2015. That was the first time the Fed raised their key lending rate in nine years. A funny thing has happened since the start of 2016, mortgage rates have actually declined about 1/4%. The main reason rates have gone down is because the stock market has come down a lot since January 1st. Many time when the stock market goes down it brings the interest rates down also. That is a economic lesson in itself. The bottom line is that it is a perfect time to refinance with a mortgage broker in Rocklin if you purchased your home from 2009 to 2012 with a FHA loan. It is a great time for these people because their property values have gone up a lot and now they have a good amount of equity.
It is also a good time to refinance for people who took out loans from 2003 to 2006 who had not had enough equity in the past to refinance. Your property values in the Rocklin and Roseville areas have gone up to a level where you can probably refinance again.
My name is Gordon and I am good at figuring out what your home will appraise for. If you would like to see if your home appraises high enough to refinance and how much money you will save every month, then please call me at 916-261-2381. Last year I told people that they should hurry and refinance because rates are going up. They went up for a few months then peaked and now they have gone down again. Mortgage rates are just like gas prices. They do not stay low forever so if you need cash out of your house or you just want to lower your payments then please get ahold of me.
f you are facing problems in paying out the mortgage loan that you have taken out, then you can certainly opt for mortgage refinancing. The most important advantage of mortgage refinancing is that it replaces the original mortgage loan with a new mortgage which is more affordable to you. The new mortgage loan that is being taken out is secured on the same property as that of the original mortgage loan. There could be a variety of compelling reasons for opting for mortgage refinancing. First of all, mortgage refinancing offers you the chance to save more. Generally, the monthly mortgage payment amount is lowered and it becomes easy to pay off the mortgage loan. The lower monthly mortgage payment amount offers you the chance to save more. Again, refinancing gives you the chance to shorten the length of your mortgage loan by reducing the term of the loan. However, in this case, you actually pay more than the original monthly mortgage amount and become free of debts much earlier. Again, the original mortgage loan may be an adjustable rate mortgage (ARM). If the market rate of interest goes up, the rate on the original mortgage may also go up. In such situation, you may want to switch to the safety of a fixed rate mortgage (FRM). The rate on a FRM is fixed. Anyways, here we discuss about some specific cases when you can opt for refinancing.
Build up equity
If you have built up sufficient equity in your home, then you can opt for refinancing. If your equity in your home is more than 10%, then you can opt for mortgage refinancing.
Check whether the refinance interest rate is low
As a thumb rule, if the rate of interest on mortgage refinance is at least 2% lower than the rate of interest on original mortgage loan, it makes sense to opt for mortgage refinancing.
Anyways, if you do not make any late payment is the past one year, then you have a fair chance to get a mortgage refinance loan. But before opting for a mortgage refinance, make sure that you have the right reason and requirements
Homeowners can now lower their interest rate on their FHA mortgage insurance without getting a new appraisal. That means you do not have to worry about not having enough equity like a normal conventional refinance. The other great news is that if your FHA loan was originated prior to June 2009, you will not have to take out the higher mortgage insurance. The government has raised the monthly FHA mortgage insurance premium a couple of times since 2009. Many Rocklin homeowners did not refinance last year because even though their interest rate could be lowered the monthly mortgage insurance premium was going to cost more so it did not make sense to reifnance. You can keep the same monthly insurance premium now if your loan was originated prior to june 2009.