Refinance rates have fallen dramatically over the last few months, with the best home refinance rates in California as low as 2.5% in some cases!
You’re probably shaking your head at those rates. We’ve never seen them this low and no one knows if we will again.
So how do you get your hands on them?
It’s time to refinance! Whether you refinance for a better rate and term or you want to tap into your home’s equity by cashing it out, today’s low rates make it all possible.
Here’s how.
Perfect your Finances
Before you apply, check your financial status:
Pull your credit here. Check your trade lines. Do you have late payments or over-extended credit? Do you have collections? Take care of any ‘issues’ so you have access to today’s lowest rates. It takes a few months for your credit score to change, so if you have issues, make sure you act quickly.
Pay your consumer debt down. Keep your consumer debt (credit cards) at less than 30 percent of your total credit line. This helps your credit score and lowers your debt-to-income ratio, which helps your approval chances.
Stabilize your income/employment. Lenders prefer a 2-year stable employment history. They want consistent and reliable income too.
Determine your Refinancing Needs
Why do you want to refinance?
Do you want a lower monthly payment? Do you want to own your home faster? A rate/term refinance helps achieve these goals. With the best home refinance rates in California, you could save as much as a few hundred dollars a month just by lowering the rate.
If you’d prefer to shorten your term (own the home faster), now is a great time to take advantage of today’s low rates. Lower rates mean lower payments and debt-to-income ratios, which makes it easier to qualify.
Refinancing also allows you to tap into your home’s equity. If you have a significant amount, now is a great time to borrow it, using the funds to do something fun, whether re-investing back into your home with home renovations, buying a camper for safe and fun travels, or consolidating your consumer debt.
How do you get the Best Home Refinance Rates in California?
Now’s the best time to apply for the best home refinance rates in California. All it takes is a quick consultation and application and you’re on your way to saving money or using your home equity.
Now’s the time to act as interest rates are at their lowest. The market constantly changes, so take advantage while you can save as much money as possible.
Decide whether you want a fixed-rate or adjustable-rate mortgage, and complete your loan application. If you’ve perfected your finances, you’re well on your way to saving money and/or getting your hands on your home’s equity fast. If you are involved in online betting, you might want to reconsider your finances.
Visit our friends at Refinance.Solutions to learn more about refinancing and how you can take advantage of these historically low rates while they are here.
