Rate & Term Refinance
Refinancing your current loan can be helpful in saving you money over the duration of the loan term by lowering your interest rate, or it can allow you to extract cash equity (cash out) accrued in your home to pay off any debts or make improvements on the property. If you have an adjustable-rate loan you may even consider refinancing to a fixed-rate loan in order to secure your interest rate. Or, you may want to change your loan from 30 years fixed to 15 years fixed in order to minimize the amount of interest paid over the life of the loan, this is a change in the loan term.
If interest rates have lowered since you first obtained your loan, then refinancing might be a viable option for you. A lower interest rate will not only lower you monthly mortgage payment, but will also help you pay off your principal loan balance faster and save you money over the term of your loan. Contact me today, Jack Skovgard (562-340-9453), with any rate & term refinance questions you might have.
In an ideal situation, the value of your home will have risen since you first purchased allowing you to access that equity through a cash-out refinance. Taking “cash out” allows you to borrow money against the home due to that increase in the home’s value. This can be extremely helpful in consolidating and paying off any other debt you may have (car loans, medical bills, credit cards), or even be used to reinvest in the home for improvements or additions. Contact me today, Jack Skovgard (562-340-9453), with any cash-out refinance questions you might have.
FHA Streamline Refinance
The FHA streamline refinance program is one of the simplest ways for FHA loan holders to lower their interest rate. Unlike the mountains of documents and personal information that conventional loans require you to collect, the streamline does not require the homeowner to obtain an appraisal or verify their income/assets. Long Beach Home Loan FHA streamline refinances are much simpler and less stressful than a typical conventional refinance. Contact me today, Jack Skovgard (562-340-9453), with any FHA streamline questions you might have.
VA Interest Rate Reduction Refinance Loan (IRRRL)
The VA IRRRL is a refinance program similar to the FHA streamline, but for VA loan holders. There is no appraisal or income verification, and an IRRRL can be accomplished with “no money out of pocket” to close because all costs can be assumed in the loan amount. However, homeowners MAY NOT receive any cash back from a VA IRRRL. A VA IRRRL is very helpful in lowering your monthly payment by decreasing the interest rate or term of the current mortgage. Contact me today, Jack Skovgard (562-340-9453), with any VA IRRRL questions you might have.
Home Affordable Refinance Program (HARP 2.0)
HARP was created by the Federal Housing Finance Agency to help homeowners who are current on their mortgage payments, but owe as much or more than what their homes are currently worth, refinance to lower rates. Benefits include lowering your monthly payment through interest rate reduction or shortening the loan term so you pay less interest to the bank over time. You may qualify for HARP if:
- You are current on the mortgage payments
- You possess a loan owned or backed by Fannie Mae or Freddie Mac
- You have a mortgage that is upside down, or a loan-to-value ratio greater than 80%
- Your home is your primary residence, secondary home, or investment property
- Your mortgage was originated on or before May 31st, 2009
Working With A Qualified Lender
At Long Beach Home Loan we are committed to providing our clients with best refinance options and rates. If you are thinking about refinancing your current loan, we can help! Contact me, Jack Skovgard (562-340-9453), for any questions you may have regarding your options for refinancing.