Sacramento-California Mortgage Refinancing
The average home price in Sacramento-California is $ 290,000. Mortgage borrowers in Sacramento who bought their first home in 2014 are now ready to look into mortgage. Most borrowers took advantage of government aided programs for their down payment that basically have a loci in period of 36 months before they can refinance.
So if you are a Sacramento mortgage borrower who’s now looking into refinancing. You will find the article helpful.Your mortgage is either a conventional loan backed by Fannie Mae or Freddie Mac or FHA or a VA loan category.There are many options for mortgage borrowers to choose from. If you went for Down Payment Assistance program. You likely have two mortgages. You may want to combine the two mortgage into one in such a way that you do not attract any Mortgage insurance. The home prices in Sacramento have increased by 10%. So if you bought a home for $ 400,000. It’s likely close to $ 480,000 by now unless your home is in the area where there has been reported a distress sale which does eat away some of the home value.
You can combine the first with the second loan get one single loan and one single rate and bank to pay the mortgage.If your credit scores are good you have options of 10/1 ARM which is an adjustable rate where the rates are fixed for 10 years of the mortgage and monthly payment calculated over a period of 30 years just like 30 years fixed mortgage.You may go with a standard 30 years fixed mortgage as well. All will depend upon how you wish to manage your finances and you would need a Sacramento-California Mortgage expert to help you understand your mortgage, your financial situation and help you with your financial goals for today and future.
A 10/1 ARM is long enough and carries a rate lower than typical 30 years fixed. Many thing change in 10 years. It’s a life time. Though a 30 years fixed rate is called the psychological rate because no matter how quickly a borrower refinances his home. They would prefer to go with a 30 years fixed because they don’t like something changing for next 30 years.On an average a mortgage borrower refinances his home every two or three years and sometimes every 6-7 months as long as the payment terms are favourable and helps the borrower achieve his desired monthly savings on mortgage.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com
Article by Roger Shanker
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