If you have taken a mortgage loan some time in the past at an interest rate higher than the current rates in the market, you would do well for yourself by considering the mortgage refinance option.
This is an option under which you can take a fresh loan to pay back your past loan, with the same property serving as lender's security for the new loan. In this article, we shall look at the mortgage refinance scene in Vacaville, CA. However, let's first understand the broad issues concerning mortgage refinance.
Refinance in California
When refinance makes sense
Refinance makes sense if it makes a positive difference to your cash outflow. Usually, refinance is considered when the mortgagee wants a lower rate of interest that is available in the market, or if he wants to extend the duration of mortgage repayment (which would usually work out to lower monthly outgoings).
Calculating mortgage refinance and payment obligations that come with refinance, is quite a complex task. If you try to do it yourself, you are likely to make a wrong choice. Fortunately, many mortgage lenders (both original mortgage and refinance) have provided us with online calculators on their websites.
You need to know nothing other than what you already know about your current mortgage, such as:
- the amount of the original loan that remains to be paid back.
- the interest rate that you are currently paying and the rate you want to pay.
- the fee you are willing to pay for arrangement of the refinance (this is called 'points' you are willing to give, with 1 point = 1% of the loan required). Note that many lenders don't charge any points, and you can enter '0' in the relevant field of the online calculator.
- the number of years and months you want to continue owning the property.
- the type of property.
Not all calculators ask for identical information, but all of them help guide you in reaching a decision on whether you should or should not opt for mortgage refinance. They also provide you with different refinance options based on the different parameters you feed into the online calculator.
Mortgage refinance lenders in Vacaville, CA
Having understood the foundational principles of mortgage refinance as explained above, let us look at the scene in Vacaville. It is easy to find a refinance lender or broker in this city without stepping out of home, i.e., through the Internet. You should take and compare offers from two, three or more lenders of brokers before choosing one that is best for you.
Do remember that brokers may be a better option than the lenders themselves since they are can offer you loan options from competitive lenders.
Without intending to recommend any specific lender, we have culled the following short list of brokers in Vacaville, who enjoy a good reputation in the market (this does not cast any aspersion on brokers not named in this list):
- Advanced Mortgage Service, 866 Alamo Dr, Vacaville, CA 95688. Tel: 707-446-5430. URL: www.mortgagemasters.com
- First Northern Bank - Solano C, 661 Elmira Road, Vacaville, CA 95687. Tel: 707-678-4489
- Fry Elizabeth Rltr, 7342 Timm Road, Vacaville, CA 95688. Tel: 707-446-9600
- Golden Pacific Mortgage, 707 Merchant St # A, Vacaville, CA 95688. Tel: 707-455-7130 URL: www.goldenpacificmortgage.com
- Hometown Mortgage Co Inc., 255 Fallen Leaf Dr, Vacaville, CA 95687. Tel: 707-448-0600 URL: www.htmortgage.com
- Kappel and Kappel Inc - INSURA, Vacaville, CA 95687. Tel: 707-451-6741. URL: www.kappels.com
- Showcase Properties Real Estate, 7342 Timm Road, Vacaville, CA 95688. Tel: 707-446-9600
- Simmons Realty and Investment, Vacaville, CA 95687. Tel: 707-449-4663
Don't be confused by the absence of the term 'mortgage refinance' in the names of the companies named above. This is because refinance is also a loan, and mortgage refinance loan is also mortgage loan. Most lenders and brokers that provide mortgage loans also provide mortgage refinance loans.
Finally, you can find more mortgage refinancers or brokers in Vacaville from the Internet, by entering appropriate search words, such as 'mortgage refinance Vacaville', mortgage refinance loans in Vacaville', 'mortgage loan lenders in Vacaville', etc. And remember to communicate with two, three or possibly more lenders or brokers so that you have a choice.