Refinance: When is it Right For You?
When you refinance you are applying for a new loan secured by your home (as collateral) in order to pay
off an existing loan secured by your home. For example, you may have a loan at an interest rate that is higher than current rates,
so if you were to refinance you would replace that old mortgage with a new mortgage
at a lower interest rate.
When Should You Refinance?
It usually makes sense to refinance your loan when you are able to lower your monthly payments
in a meaningful way by replacing your old loan with one at more favorable terms.
What makes these terms
'favorable'? That depends entirely on you.
They are 'favorable' to you if your monthly payments
are reduced in a way that positively impacts your life; if you are able to take 'cash out' to pay
off high-interest debts such as credit cards or for home & life improvements;
if you are able to significantly reduce the amount
of interest you will be paying over the life of the loan, and so on.
There are other reasons why you may wish to refinance, of course.
You may be in a 2, 3, or 5 Year Adjustable Rate
Mortgage or Balloon Loan with terms that 'change' or 'adjust' over time; these adjustments
may negatively impact you if not corrected through refinancing.
So why refinance? Because the new terms may dramatically improve your life, reduce your
payments and debts, protect your assets and provide peace of mind.
Fill out our Quick Application and find out if refinancing is right for you
When does it make sense to refinance your California Mortgage Loan?
Anyone considering
morgage refinance should first find out your
real estate home values
visit USFreeAppraisals...
Thank you again for choosing
Ascendant Financial as your Low Rate
California Mortgage Loan brokerage of choice.
MORGAGE GLOSSARY
Amortization |
Amortization Schedule |
Annual Percentage Rate - APR |
Biweekly Mortgage |
Bridge Loan |
Cash Out |
Conforming Mortgage |
Conventional Morgage |
Debt To Income Ratio |
Direct Lender |
Discount Mortgage Broker |
Discount Points |
Good Faith Estimate |
Grace Period |
Impounds |
Interest Only |
Jumbo Morgage |
Loan To Value |
LTV |
Negative Amortization |
No Ratio |
Option Arm |
Piggyback |
PITI |
PMI |
Prepayment Penalty |
Reverse Mortgage |
Subprime |
Truth in Lending |
Wholesale Lender |
Yield Spread Premium |
YSP
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