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CALIFORNIA MORTGAGE LOAN

California Refinance

With loan rates fluctuating so much lately, more and more California homeowners are considering whether or not now is the time to refinance. Home values have been low–and interest rates high–for several years, now. With a sudden reversal of these figures, now may be the right time to refinance a mortgage. California refinance loans come in the form of either 15 to 20 year fixed rate loans or 25 to 30 year fixed rate loans. The two types of loans feature different benefits for borrowers. This means a person needs to set financial priorities before deciding which way to go. 15 to 20 year loans are often difficult to qualify for, because they require a person to have a good or excellent credit rating. 25 to 30 year fixed rate loans allow a person to make lower monthly payments. This, coupled with the fact that they are easier to qualify for, make them the refinance loan of choice for most people.

California Refinance Loans for People with Two Properties

There are a number of Californians who own two or more properties. If people were lucky enough to get into the real estate market before it exploded, they will often have an investment or rental property that actually generates income for them. Also, California is home to some of the finest oceanfront and mountainside resorts in the country, so people who can afford it will often have a primary residence and a secondary residence.

“I need to consolidate my payments–and ease some of the paperwork!”

Many problems that two-home owners run into are purely logistical. They have varying interest rates to keep up with, and their monthly payment obligations can fluctuate. This, unfortunately, causes many people to fall behind on at least one of the two payments. Getting a California refinance loan will consolidate payments on both properties into one mortgage. People who refinance can also get lower interest rates than they had when their loans were separate.

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