Refinance Home Loan Options for your California property
Reduce your interest rate and term. Refinancing to a shorter term can take years off your mortgage and lower the amount of interest you’ll pay over the life of your loan.
So how does this work? Let’s look at an example. Say your loan amount is $450,000. If you got a 30-year loan with a 3.25% interest rate, you would pay approximately $255,000 in interest over the life of the loan. However, if you cut your term in half, you would pay about $119,000 in interest over the life of the loan. That’s a difference of $136,000. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so you may be able to shorten your term without a big increase in your monthly mortgage payment. Rental property’s
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