now is… the time for refinancing
Now is… the time for Refinancing:
When is the right time for a refinance…. With rates at a historically low point now is the time. Values have stabilized here in Santa Clarita Valley and with the added benefit of the streamline refinancing for FHA homeowners and low rates for conventional loans this is the time to lock in that low rate. The cost of a refinance will be offset in no time from the money saved on your monthly premium.
Did you know on a home loan of $400,000 with a ½ – % rate reduction you can be saving over $120.00 per month? Over a 30 year period that is more than $ 43,000.00 in savings. Invested wisely this could add up to a nice addition to your retirement account, college fund or vacations for the family.
What do you need to do to refinance in today’s market varies. Everyone must qualify according to their income to debt ratio. The value of the home, is taken into consideration (FHA Streamlines) are the exception. The process is simple I take the application, gather the required documents, order the appraisal, then open escrow and title. This is an easy process that takes almost no effort on the homeowner’s part. A normal refinance takes approximately 30 days from start to finish. With the holidays upon us we all have the big to do list’s getting a head start on the financial security for the coming years will help with peace of mind for our finances.
As a holiday gift I will a lender credit gift at close of escrow the appraisal fee. In good health, wealth and prosperity, I wish you Warm Regards, Marcy James Mortgage Broker 661-755-4883.
Hello,
What is the loan to debt ratio on home loans now? I’m guessing I owe about what the house is worth.
Thanks!
Mark
Hello Mark,
This is a really good question that alot of people are asking. I am doing refinances for many individuals now with this situation, by bringing them to a 96.5% LTV and adding in the PMI (principle mortgage insurance) this is an added expense however, locking in a historically low rate guarantees the stability of the entire mortgage. Once values have recovered to 80% LTV with criteria being met i.e. payment history, value etc. you may contact your mortgage company about having the PMI removed.