Conventional Refinancing in 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, though the Home Affordable Refinance Program (HARP) is close to that as its quick and easy to qualify for.
Both Rate Term refinancing and Cash Out refinancing are available with conventional loans. As these are conventional loans, you can refinance for secondary as well as primary properties.
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!
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, contact Megastar Financial.
Megastar Financial Redding | 920 Hilltop Drive, Suite B Redding, CA 96002 | (530) 999-9000