If you are looking to get a lower interest rate, reduce your monthly mortgage payments or convert your equity to cash, you may want to consider a mortgage refinance in San Jose.
Refinancing is replacing your current mortgage with a new one. Traditionally, homeowners refinance their mortgages in order to:
If your goal is to reduce your monthly mortgage payment, you can refinance into a mortgage with a lower interest rate. Another way to do this is to refinance from a 15-year mortgage to a 30-year mortgage. By extending the mortgage, you will pay less each month.
Refinancing for a larger amount than your current mortgage by using your home’s equity allows you to take cash out for important things like renovations or to consolidate high-interest consumer debt.
If you decide to refinance from a 30-year loan to a 15-year one, you reduce the lifespan of the loan and pay it off earlier.
Private mortgage insurance can be canceled if the equity in the home shows the loan to value less than 80 percent. But FHA requires that the loan be paid off or refinanced in order to get rid of the monthly PMI fees.
Because adjustable rate mortgages can go up with the market over time, a fixed-rate mortgage often offers a sense of stability and safety knowing that the rate will stay the same over the life of the loan.
Regardless of your goal, you want to make sure that your mortgage refinance in San Jose is right for your individual financial needs.
This is when having the expertise of a mortgage professional can help. At Alliance Lending, we help you choose the right loan for your refinance based on your individual and financial needs. Because we are independent mortgage brokers, we work for you and not the lender. In this way, we can locate the right mortgage product for you and walk you through each step of the entire process.
As mortgage brokers, we work with a large portfolio of mortgage lenders of every type. With this partnership of lenders, we can offer conventional conforming loans, jumbo loans, government-backed loans, and stated income loans. Because we work with these lenders constantly, we are well-versed in their lending practices and their underwriting requirements so you will never waste your time submitting to a lender that will not be likely to approve your loan.
At Alliance Lending, we will help you find the San Jose mortgage refinance product to fit your unique needs. We will assess your finances and advise you of all your options so you can make the best choice for your financial situation. If you are considering refinancing your mortgage, contact our professional mortgage advisors today at 408-226-4000.
Alliance Group & Associates Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.