Looking for a San Diego mortgage refinance expert?
The mortgage refinance experts at Equis Mortgage Group, namely the primary Broker, David LePari is on standby to help one with a refinance loan and today’s low rates.
Mortgage refinancing can provide a number of benefits.
These will vary from borrower to borrower, depending on what they’re looking to achieve.
But a refinance will generally provide one or more of the following:
– A better mortgage rate
This may be the most common reason for refinancing because if mortgage rates have fallen since one took out the loan, one can often save money by refinancing one’s mortgage into a new home loan at current rates.
Or perhaps one’s credit situation has improved, so one is eligible for a lower rate.
– Lower monthly payments
With a lower interest rate, one can get lower monthly payments as well, particularly if the mortgage has the same payoff date as your old home loan.
With a San Diego mortgage refinance one can also lower monthly mortgage payments by extending the payoff date past what it currently is, so one is paying less in principle each month.
– More predictable costs
If one currently has an ARM (adjustable-rate mortgage), one may choose to refinance to a fixed-rate loan to lock in a low rate for the remainder of the mortgage.
That way, one does not have to worry about monthly payments increasing if rates should rise.
– Shorten the term of the loan with a San Diego mortgage refinance
Many borrowers start out with a 30-year home loan, then refinance to a 15-year fixed-rate mortgage after a few years.
This allows them to pay the mortgage off faster and save a lot of money in interest over the life of the loan.
Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so one may be able to shorten the term without a big increase in the monthly mortgage payment.
– Borrow money
With a cash-out San Diego mortgage refinance, one can borrow against home equity to obtain funds for any purpose.
One receives a check at closing, the amount of which is added onto the mortgage principal owed.
Since mortgage rates tend to be lower than other types of debt and tax-deductible as well, it can be a very cost-efficient way to borrow.
– Consolidate debts with a San Diego mortgage refinance
One can use a cash-out refinance to pay off other debts to save money on interest and reduce total monthly payments.
Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so one can save on interest payments.
Mortgages can also be repaid over longer terms than most other types of debt, up to 30 years, so one can reduce monthly payments against debt principal, if that’s the goal.
Interest paid on mortgages and home equity loans is also tax-deductible, up to certain limits, whereas interest paid on other debts usually is not. Couples can deduct the interest paid on up to $100,000 obtained through a cash-out refinance for debt consolidation; for single persons, the limit is $50,000.
– Combine two mortgages into one
With a San Diego mortgage refinance one can also combine a second mortgage or HELOC (home equity line of credit) into a single primary mortgage at a lower rate.
This is like a cash-out refinance, but because one is using it to pay off secondary mortgages, one is not reducing the home equity, other than for any closing costs that might roll into the loan.
One also gets the convenience of a single monthly payment, instead of two or more.
– Cancel mortgage insurance with a San Diego mortgage refinance
If one has lender-paid mortgage insurance, one can refinance once they reach 20 percent equity to eliminate the premium that’s built into the interest rate.
The same also applies to certain FHA home loans that require mortgage insurance for the life of the loan.
– Lastly, remove a person with a San Diego mortgage refinance loan
There are times, usually after a divorce when someone who originally signed onto a mortgage is no longer to be held financially responsible for the loan.
The only way to get them off the mortgage is by refinancing.
This can also be used to remove the name of a co-signer whose support is no longer necessary and wishes to be freed of liability.
Whatever one’s reason for seeking help with a San Diego mortgage refinance, put trust in Equis Mortgage Group to help one get the right loan and today’s low-interest rates.
Equis Mortgage Group, LLC NMLS #2009443 / DRE #01438695
David LePari, Broker NMLS #2027739
Media Contact
Company Name: Equis Mortgage Group, LLC
Contact Person: David Lepari
Email: Send Email
Phone: (619) 368-0941
Address:11440 WEST BERNARDO COURT, SUITE 300
City: San Diego
State: California
Country: United States
Website: equismortgagegroup.com/san-diego-mortgage-refinance/