If you're wondering if it is time to refinance your Adjustable Rate Mortgage in SoCal, you will want to ask yourself 4 questions to determine if the time is right. Here's how to know if it is time to contact a top-rated mortgage broker and lender, serving Orange County, Los Angeles County, San Diego County, and everywhere in between.
Is My Adjustable Rate Mortgage Set to Adjust?
Many Southern California home owners are either already seeing their Adjustable Rate Mortgage (ARM) reset or will be seeing it reset in the future. Depending upon when you secured the ARM loan, it's highly likely that when it resets, your payment will be increasing—perhaps significantly. If this is the case, it's a smart move to schedule a free consultation with an experienced, top Orange County Mortgage Broker.
Can You Afford the New Payments When Your ARM resets?
If you can afford the payments when your ARM resets, you may consider not refinancing. However, most indications are that subtle, gradual interest rate increases are likely throughout the rest of the year. So, if you can afford it now, but can't afford much bigger payments, it is time to talk about a refinance into a lower interest rate loan.
Are You Planning to Sell Your Home Soon?
If you are planning to sell in the next few months, you may decide to forgo refinancing for the time being. But, if you're planning to stay in your current home for a while, a refinance can likely keep your payments from continuing to rise. Speak with a top-rated and top-reviewed local mortgage broker, who can run numbers for you, and present you with all your options for keeping your monthly mortgage payments manageable.
Do You Need to Save Money for Other Purchases or Investments?
If you need to free up some extra cash, through lowering your monthly mortgage payment, it may be a good time to refinance your ARM loan. The savings you may realize from a refinance can help to offset other expenses, such as helping with college tuition, or paying off other high interest rate debts, such as credit cards.
The only way to know for sure if it is time to refinance your Adjustable Rate Mortgage is to take a look at the numbers, and the potential savings. An experience mortgage broker and direct lender like Summit Lending will be happy to secure all of the information you need to make a financial decision that is good for you and your family.
Contact our top SoCal mortgage brokers today for a new obligation, free consultation today.
Headquartered in Huntington Beach, CA, with offices throughout Los Angeles, The Inland Empire, and Orange County, our five-star reviewed mortgage consultants at Summit Lending can be reached online, on Facebook or via phone at 888-451- 9006
From conventional fixed rate loans to Jumbo loans, VA loans to money saving refinance loans, FHA loans and reverse mortgages, Summit Lending in SoCal is here to help you accomplish your financing goals, through providing you with the best options in mortgage loans available to meet your needs.