Article provided by: Tina Soriano, Your Real Estate & Mortgage Professional

Refinancing Los Angeles

Refinancing a mortgage means replacing an existing loan with a new one or paying it off. The new mortgage can have different terms when it comes to the type of mortgage you have, the length of your mortgage, and your interest rate. When you refinance your mortgage, you will be charged a certain fee as well as the closing costs by the lender. So, it is up to you to decide if the cost of the refinance is worth it for the savings you will potentially get with a lower interest rate. Let’s look at some of the things you need to consider when refinancing your home. 

When should you refinance? 

When you buy a home, you get a mortgage to pay for it, and this money goes to the home seller. So when you refinance, you get a new mortgage that pays off the balance of your old home loan and not the home seller. However, mortgage refinancing requires you to qualify for the loan; moreover, you need to meet the requirement of the lender for the initial mortgage. At first, you need to file an application, go through the underwriting process, and go to closing.

Do you need good credit to refinance? 

Mortgage refinancing Los Angeles is usually better for homeowners with credit scores of 750 or above because those with great credit will benefit from the lowest interest rates. Usually, the point of refinancing is to save money and lower interest, and the best way to get there is to prove to lenders that you are responsible. However, you can still refinance with less than the perfect score, though this depends on the type of the loan, lender, and whether or not you have a cosigner.

Where you should refinance 

Thanks to several online lending institutions, it has never been easier to get good rate quotes and apply for loans. Whether you prefer the traditional approach or choose the online experience, it is more important to get quotes from several different lenders or work with a reputable real estate broker before making any decision. To help you get started, we here at Local Reverse Mortgage Advice can help you picked the best online lender for your unique needs. 

Shop the best Refinance mortgage rates in Los Angeles 

Once you have determined to refinance your mortgage and the right loan for you, you are ready to shop mortgage lenders and compare refinance rates. To get the best mortgage and refinance rates for Los Angeles, you need to get a loan estimate from each lending institution. Each potential lending institution is required to give you an estimate within 3 days of receiving basic information. This estimate details projected payments, loan terms, and estimated closing costs and other associated fees. 

Looking for the best mortgage refinance in LA CA?

Refinancing can help you obtain cash or save money, but our situations are different. We are here to help you get the best rate. You can get a free quote to help you make your decision. Contact Living Right Now to Talk to Tina: (562)-743-0869 for refinancing Los Angeles.

Refinancing Los Angeles
Tina Soriano, Your Real Estate & Mortgage Professional
6723 Newlin Ave
Whittier CA 90601 US

View Larger Map