Is your current mortgage no longer offering you the lowest rates? Do you have a hard time making ends meet each month? Do you wish you could pay off your loan later or sooner?
If so, it may be time to refinance your home loan in the Bay Area.
The benefits of refinancing depend on your situation and what you are trying to achieve. Here are some of the potential advantages:
You may be able to reduce the interest rate that you are paying on your mortgage, resulting in ongoing savings.
If you have a fixed rate mortgage which is no longer working for you, you may be able to convert it into an adjustable rate mortgage instead.
You also have the option of converting an adjustable rate to a fixed rate if that would work better for you.
If you need more time to pay off your loan, you can refinance to a lengthier term.
If you want to pay your loan off early without a penalty, you can convert it into one with a shorter term.
This is also your chance to revisit other terms of your loan and renegotiate with your new bargaining power.
When your home loan is better suiting your needs, you have less stress and inconvenience in your life. These are replaced by ease and peace-of-mind.
While refinancing can save you money, it does carry costs of its own. To figure out if refinancing will be worthwhile, you need to consider your financial situation and whether the timing is right.
Following are some situations where a refinance could be in order:
If mortgage rates have decreased since you took out yours, you can refinance and potentially replace those higher rates with today’s lower ones.
If you have recently decided to move out of your home sooner than you had expected when you first took out your loan, you might consider refinancing to an adjustable rate mortgage to save money in the meantime.
If you are making more money than you did when you first took out your mortgage—or if you are making less— it may be time to adjust your mortgage term.
If you have decided to stay in the home for a longer time period, refinancing to adjust your loan term or switch to a fixed rate could make sense.
If your risk profile is more competitive than it was originally, you might also qualify for a mortgage with more competitive rates and terms.
If you believe that now may be the right time to refinance, please give us a call at (925) 478-8630. We will schedule a consultation to discuss your needs and help you figure out how much you could potentially save if you refinance today. We can then walk you through the steps to make it happen. Soon, you could be saving money on your home loan while enjoying greater convenience and peace of mind.
While we are based in Walnut Creek CA, we serve customers in the San Francisco Bay Area. This includes Martinez, Concord, Pleasant Hill, Alamo, Danville, San Ramon, Orinda, Moraga, Lafayette and throughout California.
Bridgepoint Funding is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.