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California refinance loans are still in high demand.  While mortgage interest rates dipped well below the low levels from 1999, interest rates are starting to climb upwards. 

Some owners have been rushing to refinance while the rates are still low and before the rates get back to last year’s highs A home refinance loan now may assist homeowners in lowering their current rate (and payments) as well as getting the cash out they need for debt consolidation, home improvements, or any other purpose.  At California Refinance Loans we are able to assist homeowners with several types of credit needs including excellent credit, slow payment histories, bankruptcies, no income verification, and more!

Refinancing is simply taking out a new mortgage loan. If you are considering a home loan refinance, the first steps are to determine your short and long term goals and then to evaluate the different types of home refinance loan programs available.

The primary reasons for considering a refinance are the following:

1- Lower current interest rate and create cash flow

2- Convert ARM to a permanent fixed interest rate

3- Convert fixed interest rate into a ARM

4- Turn equity into cash

5- Convert to a shorter term to pay off the loan more quickly

6- Eliminate Mortgage Insurance (MI)

The primary advantage of home mortgage loans is that the interest costs are deductible for tax purposes. If you are currently paying a higher rate of interest on credit cards, car loans, or other forms of debt that are not deductible, it may make sense to pull the cash out of your home (provided that you have the equity) and use it to pay off those other debts.

Lenders will typically allow you to borrow up to 75% of the appraised value of your home in a cash out refinance. (Some lenders will go up to 80%, however the loans offered will be less competitive than at 75%.) Paying off other bills or credit cards, buying a new car, sending the kids to college, investing in an Internet start-up, or buying additional real estate are all good reasons to refinance your home and take cash out.

Even if you’re able to keep you credit card interest rate at 8-9% with low introductory offers, when you consider the tax savings of your mortgage interest, you will be paying less interest if those balances were part of your mortgage instead. If you are paying 8% on your mortgage and your tax bracket is 33%, your net interest rate is 5.3% which is still less expensive than any credit card program over time.

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