Refinance California Mortgage Specialists
Refinancing your California Mortgage involves taking out a new loan with new terms. It can be one of the most important decisions that homeowners make. You may want to refinance to lower your monthly mortgage payment, to shorten your loan term or amortization, fix your rate from an adjustable rate, or get cash out for debt consolidation, home improvements, tuition, or other purposes.
Regardless of the reason you are refinancing, at ABLEnding Inc. we are here to help you!
Refinancing can be a simple process with the right broker and generally only takes a few weeks. The documents generally needed include proof of income and assets. In most cases, an appraisal is needed as well.
There are 4 main factors considered when deciding if someone qualifies for and would benefit from a refinance: equity, income, debt ratio, and credit score. Equity is the difference between the appraised value of your home and the total amount in liens you have secured against your home. The more equity you have the better! Income is the amount of money you have coming in, generally from work or investments. It is important because it determines your debt ratio. Your debt ratio is your total amount of outgoing monthly debt divided by your total gross monthly income. The lower your debt ratio, the easier it will be for you qualify. Your credit score looks at your current and prior credit history of paying creditors to determine your ability to repay a new loan. People with higher credit scores generally qualify for better interest rates.
Please contact ABLEnding Inc. for a free and personalized consultation to see if you would benefit from refinancing.