Have you thought about refinancing, but you think that the whole process is too confusing? Or maybe you’ve looked into it but you’re convinced you could never qualify. What you really need is an expert who can help you navigate the confusing path of refinancing. That’s where Delta Lending comes in – we’re one of the best in the east Bay Area at getting you into the perfect fit loan. We’re Discovery Bay’s refinance specialists.
So why should you refinance? One of the biggest reasons is to help you get out from under a high interest rate loan. Many people who took out loans in the early to mid- 2000s found that the only loans they could qualify for at that time were high interest rate loans. Or, they got a fantastic introductory rate that was only set for a couple of years. After the introductory period ended, though, they were left with a loan that had constantly changing payments due.
Another reason to refinance is to correct an upside down loan. If your house is worth less than the face value of your mortgage, you have an upside down loan. These situations leave you not only frustrated, but losing money. When you can refinance, you can actually get ahead each month and start building equity in your home.
Some factors to consider before contacting Discovery Bay’s refinance specialists are financially based. You should be aware of your credit score, and be working towards improving it if you have a score under 620. You should have a steady job and an income that affords you the chance to make each month’s payment. You should be ready to pay the loan origination and document filing fees, plus any others that come up.
Be ready to pay any early payoff fees that you may have built into your existing loan. These fees range from 1% to 3% of the face value. Depending on your home’s value and the amount of the loan, this could be quite a significant amount. But, if over the length of the loan you will end up paying less overall, it might be worth it to you. Discovery Bay’s refinance specialists will help you review all of the costs.
Discovery Bay is such a lovely area, surrounded by the delta of the Sacramento and San Joaquin rivers. If you were lucky enough to find a home on the water, you have the great gift of being able to dock your boat right behind your house and walk back into your house, any time you want to.
You may have realized that all of these fees and all of the talk about paperwork have just added to your confusion about refinancing. Never fear, Discovery Bay’s refinance specialists can help you. We can help you determine if refinancing is a sensible option for you. If it is, we’d be happy to walk you through the process. We’ll get your paperwork taken care of and filed properly, and we’ll explain all of the fees you’ll encounter. At Delta Lending, we take the mystery out of refinancing, and give you the straight answers you deserve.