The present loan limit is still around $100,000 more than the jumbo loan limit restriction but it's only good until the end of 2007. If your mortgage amount doesn't exceed these limits, you could look forward to financial backing from Freddie or Fannie. Go overboard and you might find obtaining the financing you need at the low rates you want could be a challenge.
Getting mortgage refinance loans in California
There are a few important factors you need to consider when shopping for mortgage refinance loans in California. Keep these in mind to make sure that you land the best deals that are right for you and your resources. These factors include:
- The length of time you plan to live in your house (if you plan to move out within the next 5 or 10 years, getting a mortgage refinance loan in California is not a good idea)
- The difference in your current interest rate and the new mortgage refinance rate
- Your built-up equity
- Closing costs (there are fees and charges that you will have to pay for all over again)
- The mortgage insurance you're paying on the property (if you have it)
- If you're planning on getting cash-out refinancing
When getting a refinance loan for your mortgage in California, always consider the totality of the advantage of the new rate. If you can't get an interest rate at a lower figure, getting your home refinanced may require you to shell out more money in the long term. Check if the monthly payments are affordable and if the overall result points to a great deal.
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