California Mortgage News

Refinancing: is it time?

September 2nd, 2015 4:06 PM by George Coronado

Refinancing: Is it time?
What is it?
Refinancing is getting a new mortgage to replace the original. This is typically done to reduce monthly payments or receive a lower interest rate.

Why do it?
The most obvious reason to refinance is to obtain lower mortgage rate. With interest rates at historic lows, refinancing your home could be an advantage for many reasons. These could include wanting to change your ARM to a fixed rate, thereby stabilizing your monthly payment. Or, vice versa: you may want to switch from a costly fixed-rate or get a new ARM if interest rates start falling. Depending on your current interest rate, you might be able to lower your monthly payment. When you finance you will also be able to choose a home refinance loan for the value of your property.

There is also the cash out refinance option. This allows you to liquidate your equity by taking out a new loan on the original property larger than your initial loan.

When you want to refinance, you want to make sure there isn't any prepayment penalty with your existing mortgage first. If there is, determine if the fee is greater or less than your overall savings with your new interest rate. 

Generally the best time to refinance is if you aren't planning on moving anytime soon. Keep in mind that if you're behind on your mortgage payments, refinancing is not the way out. It will only restructure debt, not eliminate it.
Make the perfect "back to school" home office
The kids are back in school, and the relaxing days of summer are now over. With everyone's busy schedules about to pick up, it's time to reorganize your home office to stay on top of your busy life.

First step, make a plan of attack. Start by de-cluttering papers and files. Throw away things you don't need, and organize important documents and paperwork into file cabinets. The next step is to make some space. Clean out your drawers and shelves and start putting things into organized piles. Throw away things you don't use anymore, and make space for those you want to keep.

The next step is to start organizing. Make use of wall space to hang and store items you use daily. Invest in a label maker and attack your file cabinet. Your new labels will help you stay organized in the future.

Last but not least, clean up your finished product. Wipe down the counter and shelves, clean your computer screen and keyboard and vacuum are sweep the floor. Throw in a couple fresh plants to bring a little life into your space.

With your new and improved new office, you'll want to make a plan to keep it clean. Try starting with straightening up each evening and weekly de-cluttering to insure your office stays looking brand new!
George Coronado  •  MGM Mortgage Inc.    (800) 555-6144 FREE  •

Posted in:Mortgage Rate Report and tagged: Refinance
Posted by George Coronado on September 2nd, 2015 4:06 PM