Los Angeles Refinancing
There are time when a Los Angeles refinance of your current loan does not make sense. If you plan on selling your home soon, keep your existing mortgage loan. Know how many months it will take to get your closing costs back.
Refinance Suggestion: Get a Los Angeles Mortgage Broker
You will need a mortgage broker in Los Angeles, especially, if you have to do a lot to convince the lender to approve your loan.
If your loan is upside down, refinancing in Los Angeles might be possible with the HARP or Home Affordable Refinance Program. This particular program is possible if you are current on your Los Angeles mortgage.
Kinds of Refinancing
Cash out and the regular way are the two types of refinancing. Regular refinancing is oftentimes referred to as plain vanilla refinancing. This is where you will refinance only your existing loan.
With a cash out refinance, you get a new mortgage for the same house. You would get the new loan for more than what you owe. The difference would be given to you in cash.
Expect to pay a higher interest rate with a cash out refinance. This is because the Los Angeles mortgage lender has loaned you a higher amount of money. Usually, people will use this type of loan to pay down bills; however, this loan has both advantages and disadvantages
For instance, what if you are considering a cash out Los Angeles home refinance to pay off some of your credit cards? The good thing is that you will reduce the interest rate on the credit card bills, which will bring down the balance on those credit cards. The bad thing is that you will pay a whole lot more in interest due to the fact that you are getting a new 30-year loan in order to pay down the amount of money that you transferred from your credit card to your mortgage. Also, if you are like most people, you might mess up and max out those same credit cards again and have difficulty making the payments. Contact our expert mortgage broker Los Angeles to learn more and get your questions answered at: (310) 252-7268