Here are some questions and answers you may find helpful. Of course, if you have additional mortgage questions, just fill out our “Loan Form“.

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 of refinancing.

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 in cash.

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!