Refinancing in California

You may already have some goals in mind for refinancing, but do you know which loan option will best meet your needs? Selecting the right mortgage is central to the refinancing process, so it's important to understand your options. At Accesable Mortgage, our financial experts will review your goals and financial information and recommend options. Your loan will be based on your individual home buying needs. As we begin your loan process, you'll need to consider two things at the outset: which loan type best meets your refinancing needs, and which loan term offers the ideal repayment schedule

Loan Types
Most home loans fall into one of two general categories: fixed-rate mortgages (FRMs) and adjustable rate mortgages (ARMs).

Fixed Rate Mortgages offer interest rates that stay the same for the entire loan term.

Fixed Rate Mortgages offer:

Predictable payments. The monthly principal and interest payment is fixed over the life of the loan.

Protection from rising interest rates. No matter how high market interest rates go, your mortgage rate remains the same over the life of your loan.

Fixed Rate Mortgages Are Best For People Who:

• Prefer regular payments with no surprises
• Are on limited or fixed incomes
• Plan to stay in their homes a long time
• Are buying a home at a time when interest rates are comparatively low

Fixed-rate mortgages (FRMs) give you the security of knowing your monthly principal and interest payments will not change. Accesable Mortgage offers a variety of conventional, customized and progressive fixed-rate loans, in both conforming and jumbo loan amounts, with terms ranging from 10 to 30 years.

Adjustable Rate Mortgages have interest rates that adjust periodically based on market conditions.

Adjustable-Rate Mortgages Offer:

• Lower monthly payments. Because the initial interest rate is lower than with a traditional fixed-rate mortgage, you'll save on your monthly payments during the early years of the loan term.
• More buying power. Qualification is based on the lower initial payments, so you can get a larger loan amount.
• A variety of fixed-period options. Depending on the ARM product you choose, the initial fixed-rate period may last for one year (1-year ARM), three years (3/1 ARM), five years (5/1 ARM), seven years (7/1 ARM), or even ten years (10/1 ARM).

Adjustable-Rate Mortgages Are Best For People Who:

• Need a larger loan amount than they can qualify for with a fixed-rate mortgage
• Want to save money in the short term
• Plan to move or refinance within a few years
• Are purchasing or refinancing at a time when interest rates are comparatively high

Adjustable-rate mortgages (ARMs) feature an interest rate that is fixed for an initial period, then adjusts periodically based on market fluctuations. Accesable Mortgage offers a variety of conventional, customized and progressive adjustable-rate loans, in both conforming and jumbo loan amounts, with terms ranging from 1 to 10 years.

 

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Provided to you Exclusively by:

Jeff Jaklitsch