The term refinancing means taking out another loan to replace the original or previous loan. The purpose of refinancing is for the borrower to receive a better interest rate on their loan.
Oftentimes, refinancing a mortgage is a good option for a borrower who has already paid off the original loan. Instead of creating an entirely new mortgage, the borrower is able to take out a second loan on the original mortgage. This often leads to lower interest rates. Refinancing is an ideal option for borrowers with good credit scores, but for those with less than stellar scores, it can be a risky action.
If you’re a Southern California homeowner and find it difficult to make high mortgage payments, refinancing might be something to consider. If you can receive a new interest rate that is better by at least 2%, it is generally recommended that you try to refinance and reduce your current interest rate.
Always double check your credit. The higher your score, the better chance you have of getting a good rate on your new loan. If you have already sent in your credit scores and have been accepted for a second loan, avoid overusing your credit cards until the deal has officially closed. Often, lenders will order a second credit check before closing.
Try to submit your final documents to your Southern California broker within 24 hours, and follow up once a week to check into the process. For any further inquires about refinancing a mortgage, Contact The Forester Team today!
Thank you so much for all that you have done for us throughout this process. I honestly do not know if we would have our dream home if it weren’t for your amazing work ethic and ability to get the ball rolling so quickly. Two offers were put on our home while awaiting the loan approval! No one else could have made that happen as quickly and efficiently as you did! We are eternally grateful to you and your amazing team at Team Forester Home Point Financial. Thank you. Thank you. Thank you.Amy Stock
I would like to appreciate you and your team’s work for getting this refinancing processed and finished in time with such an efficiency. You made it go through with such an ease. I would most definitely recommend you and your team in the future.Thank you again for your support and help!Helena Chun
Thank you for assisting me and my family with the purchase of our home. The entire process was beyond expectations. All of you have made my first time home buying experience enjoyable and memorable.I’m very pleased and will definitely recommend and work with all of you again.Semper Fidelis
Thank you all for your assistance and guidance through our first purchase. It went very well (much smoother than anticipated) and we thank you for all the hard work you all have put in to getting us into this home. We look forward to working with you again in the future.Eric & Nicole Roachell
Casey Forrester is the best in all regards, I can’t say enough good things about him. We just closed a VA loan in 21 days yesterday. He is able to fully underwrite the file before he even gives a pre-approval letter which allows you to offer without a loan contingency! Also, you can close in 21 days which cuts the escrow period by 30% and increase profitability and cash flow for you as the agent. He also has an online pre-approval link in his signature that makes getting pre‐approved super easy!Drew Schulte
Thank you, Casey, for a job well done. I was so glad that I called you to refinance our home. The moment that I talked to you on the phone that first day about the refi, it felt like a huge weight was lifted off my shoulders.You put my mind at ease, I was calm and confident that I had made the right choice.Derek Paddock
I have truly appreciated working with you and your team and will continue to recommend you to our friends!Brian & Nina Kasper
You and your team didn’t have the easiest case, but you handled it so well. Your communication was great, and everyone we dealt with was very friendly. I wish we had worked with you on the first go-around, but either way, we are looking forward to working together again in the future.Andrew & ArielKinsler