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When to Refinance Your Mortgage

Posted by Summit Lending on June 3, 2018
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Using your home as a vehicle to financial success is often a success for homeowners in Los Angeles County, Orange County, San Diego County, Riverside County, San Bernardino County, and Ventura County. One of the most effective ways to leverage the equity you’ve earned in your home is through a money saving refinance, or a cash-out refinance loan.

But when is the best time to refinance your home? The answer will vary for homeowners depending upon your unique circumstances. However, there are four telltale signs that a refinance might be a smart decision for you. Of course, before making any big decisions, consult your CPA, or your Financial Advisor, and be sure speak with a top-rated SoCal mortgage broker as well, to ensure you understand all of your options.

Here are 5 Ways to Know If the Timing is Right to Refinance Your Mortgage

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.
  1. Do You Need a Lower Monthly Payment?
    If you need to lower your monthly mortgage payment, it’s worth considering a refinance. Interest rates are still very favorable, and depending upon your current interest rate, you may be able to qualify for a lower interest rate, thereby lowering your payments. Those who may be most suited for a refinance, are those who are in an Adjustable Rate Mortgage, who have seen their payments go up after the ARM loan reset.


  2. Is Your Adjustable Rate Mortgage Going to Adjust Soon?
    As mentioned above, those who have an ARM loan which is set to adjust soon, may want to consider refinancing into a low fixed rate mortgage, to keep your monthly payments consistent.


  3. Will You Be Able to Afford Payments When Your Adjustable Rate Mortgage Resets?
    If a higher interest rate is going to be unmanageable, you should begin planning for a refinance, to avoid falling behind.


  4. Do You Need Access to Money?
    If you need more cash on hand, a cash-out refinance may be a smart option. Depending upon your unique financial situation, pulling cash out during a refinance may help you to feel less financially pinched each month.


  5. Would You Like to Use Your Equity for Other Expenses?
    Home values are risen again, and historically speaking, Southern California real estate tends to appreciate over time. While there may be periods when values dip, in the long term, most homeowners amass a lot of equity in their homes over the years. This equity can be pulled out to use for other expenses, such as college tuition, home renovations, consolidating other debt, and much more.
A final thought-deciding when to refinance your mortgage in Southern California will be contingent on your current financial status, your goals, and the options available. To that end, the best time to refinance will be when it makes the most sense for you.

Summit Lending is here to help with your refinance loan. With decades of experience as a local, top-rated and top-reviewed Mortgage Broker and Direct Lender based in Orange County, we are here to help you make good decisions regarding your real estate, and mortgage. Please contact us today if you’d like to discuss a refinance loan. We can be reached online, on Facebook or via phone at 888-451-9006