Several lenders in the Rancho Cucamonga (CA) area specialize in refinancing all types of existing home mortgages including FHA, Conventional and Veterans Loans. Below are two such lenders.
Arrow Realty & Mortgage Service Tri-Mar Financial Inc.
9339 Foothill Boulevard #C 7365 Carnelian St. #202
Rancho Cucamonga, CA. 91730 Rancho Cucamonga, CA. 91730
Phone (909)466-7114 Phone (909)948-7271
Refinancing means, you are replacing one mortgage with another one and it will largely depend on what type of loan is in place to begin with. Conventional loans are for people with cleaner credit histories and the refinancing guidelines are a little stricter but the lender can sometimes refinance up to 150% of the home’s total value. The FHA loan is different in that with reasonable explanations, problem credit can pass through but the total amount refinanced is not usually over 95% of the home’s worth. Veteran’s Loans are those that are backed by the Federal Government up to the borrower’s GI Bill allowance and they too, can be refinanced down to an FHA or Conventional Loan.
The best time to refinance is when the Federal Reserve cuts rates which they do quite often especially in down economies. The proposed interest rate is, however, not written in stone but more of a guideline. Creditworthiness and the amount owed on the home as opposed to the amount being refinanced and any previous equity loans will all play a factor into the rate you are given. It is a good idea to be in the home for twelve months, have twelve on time payments and very little debt to income ratio. This way, the refinance will be easy and will reduce your monthly payments and most of all, may leave some cash in your pockets!