Refinance Your Home with Sonoma County Mortgages
Refinance Your Home with Sonoma County Mortgages
As a homeowner, refinancing your home loan may or may not make sense. Lately you may have heard people refinancing due to low interest rates while this is true there are also other things to consider when deciding to complete a refinance:
- Is debt consolidation an option?
- Does the monthly savings justify costs associated with refinancing?
- WhatWhat does the interest savings over the life the loan look like?
- Can you pay your house off faster by refinancing?
So how do you know the right time to refinance your home?
Sonoma County Mortgages provides a free mortgage loan calculator to get help you calculate and compare your current loan program to other available loan programs and rates available in the marketplace, so you can decide if refinancing make sense for you.
When you're ready to begin your refinance, we can give you up front numbers so you can know you're making the right financial choice. By completing an online mortgage rate quote or online prequalification form, we can give you loan options and interest rates so you can do your proper research.
Tell us the loan programs you're interested in or let us suggest some loan programs for you based upon your financial situation. Choose from 30 year to 15 year loans. We make the the researching phase easy so you can get a combination of the best possible loan terms with a competitive interest rate.
Decide on refinancing options:
- Loan Term: 30 year fixed, maybe a 25 year fixed or even a 15 year fixed?
- Discount Points: discount points versus no discount points cost/benefits?
- Occupancy: primary residence, second home or investment property?
Many homeowners choose to refinance for good reasons. With today's low mortgage rates you might be able to save money on your monthly mortgage payments. Home loan refinancing can also give you cash out to consolidate debts or even improve your credit rating. Maybe you have a first mortgage and a second mortgage on your property? Mortgage refinancing can help you consolidate your first and second mortgage into one new loan. Maybe you're considering paying off your mortgage in full at some point? You can refinance your property into a shorter term loan to pay off your mortgage faster.
Whatever your reason and whenever you're ready, Sonoma County Mortgages can help you attain all the benefits of refinancing custom-tailored to your financial situation.
Refinancing Tips & Advice
See How The Harp 2: Refinance Program works with No Loan To Value Restriction
2 tests to determine if refinancing makes sense or not.
Use this free chart as guide to your refinance loan.
Discover why receiving a second opinion refinance is the smartest choice.
How to decide when to refinance your home.
Learn the truth the answer might surprise you.
If you are going to be refinancing, and you have a second mortgage loan how that component works.
Yes it's possible you can refinance without starting a new loan term.
Recent Questions & Answers
Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.
When refinancing , plan the same with one caveat. If you refinance with your lender i.e. the servicier of your loan collecting your monthly mortgage payment, they can from time to time, originate a new loan for you without necessarily needing financials, in order to accomplish this feat, you will need excellent credit and extremely low debt to income ratio as well as a loan to value- 60% or lower.
For the majority of consumers seeking loans, following information is needed to get qualified.
- tax returns for the most recent last two years
- W-2s for the most recent last two years
- 30 days pay stubs
- bank statements for the most recent last two months
- profit and loss statement if you’re self-employed with year-to-date income
Looking to get qualified for a mortgage? Try our home affordability calculator or contact scott [Email address: firstname.lastname@example.org #AT# sonomacountymortgages.com - replace #AT# with @ ] today!
Getting a mortgage after foreclosure, short sale, or bankruptcy, or even a combination of the two is absolutely doable. However depending on the credit circumstance different documents could be needed for properly documenting the previous derogatory credit item.
Here’s how to properly document any one of the big three credit issues
Foreclosure- can be documented with the trustee’s sale date deed. Lender will use the latest date stamped on the trustees sale date deed. 3 year window using an FHA insured loan, seven years on a conventional loan.
Short sale-can be documented with the grant deed deeding the property from you the seller to the new buyer. Lender will go by the most recent date stamped on the grant deed as well. 3 year window using an FHA insured loan, seven years on a conventional loan unless 80% loan to value or lower
Bankruptcy-full bankruptcy discharge papers including the schedule of creditors from the most recent discharge date. Lender will go by the discharge date. 4 Year window using an FHA insured loan, four years on a conventional loan.
Most mortgage professionals have a relationship with a particular title company who can who can obtain the information necessary directly from county records making the process dramatically easier.
If you would like to qualify for a mortgage to purchase or refinance a home, start by contacting Scott [Email address: email@example.comScott #AT# sonomacountymortgages.com - replace #AT# with @ ]!
If on your loan application you marked ‘single’, and you’ve been divorced in the past this could be a double-edged sword and here’s why: while you are presently single that doesn’t change the fact that the past is the past, in other words, if your previously divorced yet your presently single that creates a big open concern for a mortgage underwriter. If there is any alimony paid or received as a result of that previous divorce that can absolutely affect the debt to income ratio and your subsequent ability to qualify for the mortgage, make sense?
Yes it’s possible even your divorce from 15 years ago could still come into play on your new mortgage application. Lenders are required to complete a thorough background check and if there is a different last name and/or hyphenated name, that can be the catalyst to more questions and the revelation of a previous divorce.
How to handle the situation
Tell your lender upfront about your previous divorce and available a copy of the previous divorce decree with all pages, and all schedules including the marital settlement agreement which specifically delineates ‘who received what’ in the breakup. Is it annoying? Absolutely, especially if it’s over a decade ago, but that’s the nature of today’s lending industry- full disclosure on all debts and/or possible debts that might otherwise be not be known in the initial mortgage application.
If you are previously divorced and/or having a difficult time getting a mortgage, start with us today by getting a complementary mortgage rate quote. For nearly a decade, we’ve seen it all.
When buying a home, the seller typically makes an initial request to use a particular title company, however it is not mandatory to accept their choice. In some situations, if you work with the seller’s preferred title company they will discount the title fees. This is very common in bank owned property transactions, but there is a cost, that cost is usually a lack of service because these companies operate under a price model rather than a service model and might only discount a few hundred dollars at the expense of your transaction not closing on time.
When possible it’s recommended to work with the title company recommended by the mortgage company or by your real estate agent. Why? Because most mortgage and real estate professionals have preference on title company because they know which title companies will perform and which are going to make sure the transaction closes smoothly and more importantly, on time.
In a refinance situation, the title company is usually determined by the lender unless you have preference. Ultimately it’s up to the consumer to choose which title company to work with.
Looking for competitive local mortgage lender who has an outstanding relationship with their title company? Look no further contact scott [Email address: firstname.lastname@example.org #AT# sonomacountymortgages.com - replace #AT# with @ ] today!
Depends on whether or not the fees can be recuperated in the amount of time you’ll be holding the mortgage for. Most folks keep their mortgage for release 5 to 7 years sometime sooner based upon interest rate changes, but at least 60 months.
Closing costs are inevitable part of every mortgage refinance transaction. The lender can offer you a lender concession in some instances that creates a no-cost mortgage at the expense of paying a higher interest rate over the term of the loan, for example 360 months on a 30 year fixed rate mortgage.
Paying the closing costs in exchange for a lower interest rate usually makes more sense because of the fact the interest savings over the term of the loan are far greater than the one-time fees paid in accordance with taking out a home loan.
One-time fees being what are referred to as nonrecurring closing costs.
If you plan to refinance your home and closing costs costs $3000 for example, but you are saving $250 per month, you can break even by simply taking the total closing costs divided by the amount of monthly savings which would generate in this particular example- 12 months. Not a bad deal at all if you plan to be in the property for 60 months anyway right?
Other ways to compute the recapture include doing an interest savings. For example if you have a 30 year mortgage, and you are refinancing into a 15 year mortgage, the payment is likely going to rise, even with a lower interest rate, so the interest savings could be used to generate the recapture time on paying closing costs- here’s a recent blog post discussing how to calculate refinancing re-capture.
If you would like to receive a complimentary mortgage rate quote, we can walk you through the various ways to examine your loan figures.