Refinancing

Mortgage Refinance for Long-Term Savings or Cash in Hand

Are you interested in exploring mortgage refinance solutions that could save you money over time? The home financing professionals at Mark Avila Loans offer a broad range of mortgage refinance solutions for all types of mortgages, both conventional and nonconventional. Clients refinance for all sorts of reasons, from debt consolidation to raising cash for home remodeling. If you live in Placer County, Orange County, El Dorado, or nearby California, contact us to explore different mortgage refinance possibilities.

Mortgage Refinance Options

To start the refinancing process, we’ll look carefully at the terms and underwriting for your existing mortgage. We can see which options are available to you after this process. Conventional home refinance, like conventional mortgages, is privately insured and privately funded. Refinancing for conventional loans includes:

  • Conforming loan refinance is a standard type of refinancing for existing loans that do not exceed loan limits set by government-sponsored entities (GSEs) Fannie Mae and Freddie Mac.
  • Jumbo refinance is available for homes that exceed conforming loan limits in each county, jumbo refinance exists. Jumbo loans are one of the most commonly refinanced types of mortgage because many jumbo loans have adjustable rates, which can become very costly over time. Many of our jumbo refinance clients choose to refinance to a fixed-rate mortgage.

In addition to conventional refinance, we also offer refinancing for nonconventional loans. Nonconventional loans are insured in part through a division of the federal government. Two common refinance choices are FHA Streamline refinancing and VA IRRL Financing.

  • FHA Streamline refinancing, as you might assume, refinances an existing FHA loan. This is one of the simplest refinancing options, with minimal underwriting. Additionally, you do not need to get a new appraisal for your home to get approved for FHA Streamline.
  • VA IRRRL refinancing is a streamlined refinance solution for clients with an existing VA mortgage. The department of Veterans Affairs offers this mortgage option to clients with existing VA loans who would like a better rate. It does not require clients to obtain a new certificate of eligibility.

VA Refinance Uses

Our clients choose to explore refinancing for all sorts of reasons. For some, refinance is simply a way to save money on monthly mortgage payments. For others, refinance provides additional funds for specific expenses, such as home renovations or credit card debt. Cash out refinance is a popular option for these people, which allows you to borrow against their existing home equity and get cash in hand for bills or other expenses.

It’s important to note that you can choose to refinance to a conventional mortgage even if you currently have a nonconventional mortgage. This is a popular option for clients who may have improved their financial standing since obtaining their original mortgage and are now able to get better interest rates.

See How Mortgage Refinance Could Save You Today

You do not have to continue to pay for a mortgage that doesn’t have the best terms and rates for you. If you are considering mortgage refinance for your home in Placer County, Orange County, El Dorado, or nearby California, Mark Avila Loans has the savings you want. When you’re ready to get started, contact us with questions or to schedule a consultation.