Mortgage rates in Los Angeles can be volatile. When you first took out your home loan, maybe the rate you were quoted was highly competitive. But in today’s market, it may no longer represent a good value.
If your new neighbors are paying lower interest rates on their mortgages today, you may think to yourself, “If only I could capitalize on today’s low rates...”
With a home refinance in LA, you can do exactly that.
If you refinance your Los Angeles home, you can:
Take advantage of lower interest rates. You could soon be saving money every month.
Convert your adjustable rate mortgage (ARM) into a fixed rate mortgage, or vice versa.
Shorten your loan term if you prefer to finish paying your mortgage early without a penalty.
Extend your loan term so that you have longer to finish paying on your home. This also can reduce what you owe each month. That means you can sock more away in savings, or keep up better with the rest of your bills.
Negotiate other loan terms to your satisfaction. You may be able to tailor your mortgage to your needs more effectively today if your credit score and other financial markers have improved since you first took out your loan.
Here are some indications that this might be the ideal time to refinance your mortgage in LA:
Have mortgage rates dropped below what you are paying right now? Refinancing at a lower rate could save you money every month.
Has your borrower risk profile improved since you first took out your mortgage? With a higher credit score or lower debt-to-income ratio, you may qualify for a more competitive loan.
Have your income levels changed (for better or for worse)? A refinance may be in order.
Will you be staying in your home for a longer or shorter time period than you originally planned? Refinancing may make your loan more affordable and/or improve financial stability.
Need help figuring out whether to refinance your home? During your consultation, we can talk about where you stand with your current mortgage, and where you would like to be with a refinance. Based on our discussion, I can help you figure out whether a refinance could be worth it and deliver the cost savings or increased financial flexibility you are looking for.
Ready to begin? Please give me a call today at (818) 601-2231. Let’s refinance your mortgage to serve your needs.
Shannon Christenot is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.