Member:
You want a lower payment, better interest rate?
Be careful! Is the refinance being done for the benefit of the homeowner or the lender?
Try to get your refinance done at little or no cost. Ask us why. This is easier to do with loan amounts of $250,000 or more. Loan amounts under $100,0000 are difficult to refinance efficiently. Check the cost versus the benefit carefully. Call us, we'll be happy to run the numbers for you.
Cash Out Refinance?
Need Cash to pay for home remodel, pay off credit cards, pay off adjustable rate line of credit...? Lock in current low fixed rates for cash out. Usually the interest is tax deductible, check with your tax professional.
Cash out refinances are available at the best interest rates up to 70% loan to value. Between 70% and 80% the rate goes up about .125%. Above 80% loan to value it is usually better to get at second trust deed or home equity line of credit for cash out.
Questions that should be asked before selecting a loan program.
How long do you intend to own the property?
Do you want be at risk if interest rates move higher or do you want someone else to take the risk that interest rates will move higher?
How much risk a can you handle?
Do you expect the property to appreciate significantly during the next few years?
Do you intend to convert the property to a rental at some point in the future?
Do you intended to remodel extensively at some point in the future?
What is your retirement plan? Are you trying to pay off your home loan by the time you retire?
At Old Mission Mortgage, Inc we take a "financial planning" approach to mortgage selection. We spend a lot of time educating our clients on the costs, benefits, risks, rewards and pitfalls of the hundreds of mortgage products available.
We are here to help. Call us at (858) 495-1888