Here are some questions
and answers you may find helpful. Of course, if you have additional
mortgage questions, just fill out our "Loan
Q. What are the reasons for refinancing?
A. You could refinance to lower your monthly mortgage payment, to consolidate
debts, to convert some of the equity in your home to cash for other
purposes, such as remodeling or for college tuition. When refinancing
for debt reduction or to take advantage of lower rates or monthly payments,
what you want to know is how long it will take to make back the costs
Q. Can I save money by refinancing my current mortgage?
A. Most likely. Depending upon the purpose of your refinance, you can
realize savings with lower closing costs or a lower interest rate.
Q. When is the best time to refinance?
A. The best time to refinance depends on your financial goals, and factors
such as how long you plan to keep your new loan, how much it will cost,
and how long you have had your current loan. You might benefit by going
from an adjustable rate to a fixed-rate loan. Start out by using our
calculators to determine if now
is the right time for you to refinance.
Q. What does no-cash-out refinancing cover?
A. This kind of refinancing covers the remaining balance of the first
loan, closing costs, any liens, and cash not more than 1 percent of
the principal of the new loan. With cash-out refinancing, you refinance
the remainder of your first loan and take the equity you've accumulated
Q. Do I always need an appraisal to refinance?
A. Not necessarily. Depending on the circumstances, an appraisal may
not be required.
Use our quote
form, a mortgage feature on California Mortgage & Home Equity
Loans, Co. to locate a lender in your area offering the mortgage
product that best suits your needs. The independent lender you select
will work with you to help find a low-cost mortgage that meets your
needs. Apply today!