Conventional Refinance Redding, CA

Conventional Mortgage Refinancing

Many homeowners choose to refinance their home loan into a conventional mortgage and remove mortgage insurance from their monthly payments as soon as they have enough equity to do so. These loans must conform to standards set by Fannie Mae and Freddie Mac.

Technically there are no conventional streamline refinance programs available. Both Rate Term refinancing and Cash Out refinancing are available with conventional loans. As these are conventional loans, you can refinance in Redding, CA for secondary as well as primary properties.

There are other options such as VA refinance and a USDA Streamline. Give us a call at (530) 999-9000. We are happy to answer all of your questions about conventional refinance in Redding, CA.

Rate Term Refinancing

The conventional rate and term refinance simply entails lowering the interest rate of a loan, or changing the term of the loan. Borrowers typically use this program when interest rates fall below the interest rates of the current mortgage.

Interest rates are currently rock-bottom right now, so if you are paying high interest rates on a low, then it may be time to refinance!

Check Out The Video to See if Refinancing is Right for You.

Cash-out refinance

This entails pulling equity out of your home for cash. There are a number of reasons a home owner might do this: It’s good to have the option.

If you are wondering if it is the right time to refinance into a conventional mortgage, consider calling our office. The Megastar Financial experts on conventional refinance in Redding, CA will help you determine the type of refinancing that best suits your current home loan. Call our office at (530) 999-9000 to get started.

Check Out the Video Below to Learn More About Cash-Out Refinancing.

MEGASTAR FINANCIAL CORP. is an Equal Housing Lender. DBO Lic # 603 G365 NMLS Lic # 235828(3043)*
Licensed by the Department of Business Oversight (DBO) under the California Finance Lenders Act * NMLS # 1162668.
As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, sexual preference, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. We are regulated by the Fair Housing Act (overseen by HUD) and the Equal Credit Opportunity Act (overseen by CFPB), Washington, DC, 20580.

Loan scenario:

Example of 30 year mortgage:
$300,000 sales price, $60,000 down payment, $240,000 loan amount, 360 months, 3% interest rate, 3.132% APR, $1,029 Principle and Interest monthly payments, Payment does not include taxes, insurance premiums or HOA dues. The actual payment amount will be greater. Rates shown valid on publication date of June 29th, 2020. This example is for a conventional, not jumbo, mortgage product; there are restrictive upper loan amounts for conventional loans based on the property’s location. Example given requires a minimum 740 credit score with a debt to income ratio of under 45%. Applicant must be employed. This is not a promise to lend. All terms and conditions are based on the subject property, the applicant’s credit worthiness and the applicant’s ability to repay the loan.
15-Year Fixed-Rate Mortgage:
The payment on a $300,000 15-year fixed-rate loan at 2.723% and 80% loan-to-value ratio (LTV) is $1,626. The annual percentage rate (APR) is 3.178%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of June 29th, 2020. This example is for a conventional, not jumbo, mortgage product; there are restrictive upper loan amounts for conventional loans based on the property’s location. Example given requires a minimum 740 credit score with a debt to income ratio of under 45%. Applicant must be employed. This is not a promise to lend. All terms and conditions are based on the subject property, the applicant’s credit worthiness and the applicant’s ability to repay the loan.