A Mortgage Refinance in California is Possible
Is it still possible for a Mortgage Refinance in California? In today’s economy, it may not seem like it but in reality is it is. When the housing market seems to be at an all time low, there are still individuals who are able to refinance.
Whether is your first time to refinance or perhaps you need to refinance a variable rate loan. The possibility of refinance is out there. Of course, you will need to do some research and talk to several lenders to see what your options are.
A Mortgage Refinance in California?
Banks, brokers and credit unions are still offering loans to those who qualify. The terms may have changed from recent years but the options are still available. The qualifications are still basically the same although the lenders have become more diligent at screening who they are willing to loan money to.
For those in which the poor economy has not affected, for those who are still employed, for those who are still able to maintain the same spending habits the possibility of a Mortgage Refinance in California still exists for them. Employment, decent credit scores and maintaining on-time payments are even more important than they once were. However, there is something new.
There are new options available through government programs in which a refinance is possible to reduce the monthly payment if certain criteria are met. The criteria can be loss of employment but still have the ability to make the monthly payments on time. Your lender can discuss these programs with you or you can contact the local HUD office for further information.
Recent news is stating that California is having extreme financial issues due to a number of events that are causing a negative overload on the state’s economy. The state itself is struggling to pay its bills and with the increasing number of unemployed, the economy is getting progressively worse. So where does this leave those who need or want to refinance?
Since most lenders are considered a national company, obtaining a loan in California is not an issue. The potential borrower will still contact a lender and proceed through the same steps in obtaining a Mortgage Refinance in California the same as any other time. The only difference is that the lender will be stricter on lending money.
Some things to consider are why you are considering a refinance, how much equity your home has and if you want to decrease the time frame of the loan itself. If you have never refinanced your home and the area in which you live hasn’t lost much value, then chances are the loan process will be quicker than you might expect. If you meet the criteria, taking advantage of the low mortgage rates is by far a primary reason for wanting to refinance.
Choose a lender who is reputable and is willing to work with you. Ask questions and get your answers before signing on any dotted line. A Mortgage Refinance in California is indeed possible in today’s failing economy.