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3 Key Factors to Consider When Looking to Refinance – What to Know

April 8, 2020 by Shannon Christenot

3 Key Factors to Consider When Looking to Refinance - What to Know

Many mortgage borrowers consider refinancing when the real estate market presents low mortgage rates among various lenders. Chances are that they immediately take the plunge into refinancing without having critical thinking and deliberate decision-making. What many fail to realize is the fact that refinancing is actually a tricky process. You must first think things over to see if it’s worth to have your loan refinanced; otherwise, your wrong decision will lead you to pay more in a longer loan term.

There are a few considerations to make before getting your mortgage refinanced. Below are the three major factors to consider when planning to refinance in Los Angeles.

1. Your primary reason to refinance

When it all boils down to refinancing, there are two major reasons to do so. First, you would want to reduce your monthly mortgage payment. Second, you would want to save on your overall interest as you pay your property over time. In general, people consider refinancing options to save up in the long run.

If you merely want to refinance because of the low-interest rate offered by a particular lender without crunching the numbers first, you may end up paying more than less in the long run. If you want to refinance to take advantage of the equity or splurge on things, then it defeats its primary purpose.

2. Your length of stay at home

Another important consideration is the length of time that you will be staying in the property. If you plan to stay in the house for good, then that’s a valid reason to refinance as long as the terms and conditions are better than your current mortgage. If you don’t necessarily plan to stay in the property for long, then refinancing will be an impractical decision.

Most refinanced loans take between several months to years to break even before you can start saving up. Know that if you refinance your mortgage, the term of your loan will be extended for several years. As a result, if you plan to sell the property soon, you won’t benefit from refinancing.

3. Your eligibility for refinancing

Sure, you may have a good reason to refinance, and you choose to stay in the property for good. But the question is: are you qualified to do refinancing? If you have bad credit or have always been a late payer, keep in mind that your chance of getting approved is slim. You don’t want to waste your time, money, and effort only to find out later on that you aren’t eligible for refinancing.

For your reference, your ability to refinance depends on a handful of factors. For the most part, the approval is based on 1) the amount of equity you have in your house, 2) your income, and 3) your credit. That said, consider all these three, and see if you are indeed qualified to refinance in Los Angeles.

Conclusion

At this point, you now know that deciding to refinance isn’t only when the mortgage rates are low. You also shouldn’t take the plunge into refinancing because you want to increase your retirement contributions or shore-up your budget.

You should refinance because you have a good reason to do so (to save up), as you consider staying in your property for long, and because you are qualified to do so. When you factor in all these three, you will be heading in the right direction.

We are rated as one of the best mortgage lenders or brokers in Los Angeles. If you are looking to refinance in Los Angeles, give us a call at (818) 601-2231 and we are more than happy to assist you.

Filed Under: Refinance Tagged With: California, Los Angeles, mortgage refinance, refinance in Los Angeles, Tips

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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
19:36 21 Apr 20
I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
23:55 13 Apr 20
Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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