Your Guide To Refinancing

Your Guide To RefinancingEnsuring Your Irvine, CA Refinancing Process Sees Success

You have probably heard that mortgage interest rates are hovering at historic lows, but experts project that they will begin to climb by at least a percentage point before the end of this year. If you are hoping to lock in the current levels, you are likely thinking about refinancing. When you do, here are a few considerations to add to your list.

  • Your Equity: Your refinance will do you less good if it still leaves you saddled with monthly private mortgage insurance payments. To ensure you can avoid that added expense, calculate the amount of equity you have built up in your home. If your loan-to-value ratio is 78 percent or less, you can skip those costs.
  • Affordability: Determine how affordable your refinance will be. Generally, a good rule of thumb is to ensure that your monthly payments plus your dues for other outstanding debts should not exceed 43 percent of your gross income. Also, make sure that your credit score is strong enough your refinance will leave you with either more affordable payments or a significantly better mortgage term.
  • Long-Term Worth: Calculate closing costs with your monthly payments in order to ensure you will break even before you plan to relocate. For example, if you only plan to stay in this house a couple more years refinancing could be a poor choice when you consider that closing costs can run into the thousands of dollars.

If you are thinking of refinancing, do not wait to contact Avis Lending. Our team of experts is here to work with our extensive network of lenders to ensure your refinance is well worth the effort. We are here so that you can best utilize the powerful tool of a smart refinance. To lock in the lowest possible rates with the best possible term when refinancing, call our dedicated staff today!

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