Global Mortgage: San Diego Mortgage Refinance
Home Equity in San Diego County has been rising since 2012 and many homeowners in San Diego refinance their residences to lower their monthly payment, remove mortgage insurance, pay their home off quickly or access their home equity to obtain cash, consolidate high interest credit card debt or make home improvements.
How does San Diego mortgage refinance work? When you refinance your home, you take out a new mortgage loan on your home. This mortgage loan is used to pay off your original mortgage and provide any additional funds to cover the cost of the transaction or provide any cash to the borrower. You are then bound by the interest rates and terms for the new mortgage instead of the old one. So in essence, you trade one mortgage for another better suited to your needs. Sound appealing? Read on to learn more about the advantages of San Diego refinancing for your home.
Benefits of San Diego Mortgage Refinance
- Reduce your payment. With increasing home equity in San Diego County, many borrowers are able to remove the added expense of mortgage insurance.
- If you trade in an adjustable mortgage rate (ARM) for a fixed mortgage rate (FRM), refinancing may allow you stabilize your payment. If you are able to get a fixed rate mortgage when you refinance, you never have to worry about ballooning interest rates. You will always know exactly how much you will owe on your mortgage, and unless there is a major change in your life, you should have no problem keeping up.
- You may also be able to pay your home off more quickly.
- Access your home equity to consolidate high interest, non-tax deductible debt, make home improvements or obtain cash.
- Consolidate existing mortgages into one. For example, if you have a first mortgage along with a home equity line of credit or second mortgage, you may be able to consolidate them together into a single loan and reduce your payment or pay the principal balance off more quickly.
There are many different San Diego Mortgage Refinance options offered by private lenders, and there are also government programs that you may be able to qualify for like the Home Affordable Refinance Program (HARP). Depending on your situation, you may also want to investigate other alternatives like a reverse mortgage if you simply need some extra cash, but do not necessarily want to change the terms of your loan.
When you choose to refinance, San Diego becomes a more affordable city to live in and enjoy. Many local homeowners struggle for years; falling further and further into debt, without ever realizing that refinancing may be a possibility. The deeper you descend into that spiral, the harder it is to qualify for a refinancing plan. So get in touch with us today at (619) 692-3630 to see if refinancing might be an option for you. The sooner you get started, the sooner you will be able to afford your mortgage payments.