CALL: (714) 210-5323
Refinancing your mortgage to take advantage of lower interest rates is a great way to lower your monthly payment.
You will need enough home equity to qualify for a refinance, in addition to meeting other requirements. Equity is the market value of your home minus what you still owe on the mortgage. You’ll also need to be prepared to pay the closing costs.
Traditional guidance suggests refinancing is worth it if you can lower your rate by 1 percentage point. It’s possible to meaningfully lower your monthly payment with as low as a 0.5-point decrease, depending on how much the refinance will cost you and when you’ll break even on those costs.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Larry Paul
NMLS #829110 | DRE #01183375
2552 White Road, Unit B
Irvine, CA 92614
Phone: (714) 210-5323
C2 Financial Corp., NMLS #135622 | BRE #01821025