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California Refinance Mortgage Loans - What to Expect

Refinancing an existing mortgage loans can be an extended process. Yet, refinancing has several benefits. If unfamiliar with the refi process, it helps to research various companies and learn how a refinancing works. Homeowners should not enter a mortgage refinancing blindly. Before completing a mortgage refinance application, homeowners should weigh the pros and cons, and know what to expect.

Mortgage Refinancing Advantages

The benefits of refinancing an existing mortgage are numerous. Homeowners have their own motivation. Some select a refinancing to lower their interest rate. This is ideal if the home was purchased before rates declined, or if the homeowner had bad credit at the time of purchase. Moreover, converting an adjustable rate mortgage to a fixed rate is another reason to refinance.

A mortgage refinancing is not only good for obtaining a better rate. Suppose your house needs improvements.   If so, a cash-out refinance may provide you with the money needed to complete the project. Plus, a refi is good for shortening the length of a loan term. This enables homeowners to payoff the mortgage sooner.

How Long Does it Take to Refinance a Mortgage?

The process of refinancing an existing mortgage varies. In some instances, homeowners may close on the new loan within ten days, whereas other loans may require up to 30 days for closing.

Refinancing will create a new mortgage loan. Hence, homeowners must shop around for a lender. Each individual lender has their estimated or average closing time. However, homeowners can push for a quick closing.

Choosing a Refi Lender

Homeowners may select their current lender to refinance the mortgage, or choose a new lender. If you have bad credit, comparison shopping is extremely important. To begin, inquire about a refi quote from your existing lender. Next, contact a mortgage broker and obtain refi quotes from three or four different lenders.

The response time for quotes is quick. In some cases, the mortgage broker will email quotes immediately following receipt of your request.

When refinancing a mortgage loan, expect to pay out-of-pocket for certain expenses. Like all mortgages, refinancing will involve closing fees which usually include appraisal fee, title search, attorney fees, etc. The costs are unavoidable. However, homeowners may opt to include the cost into the mortgage principle, which would eliminate paying thousands of dollars out-of-pocket. 

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