When getting a home loan, you make a financial commitment for a specific time frame. Loan terms are different for every lending option. Fixed-rate and adjustable-rate mortgages offer 10 to 40-year terms. Fixed rates are stable, meaning that the payment you make is the same throughout the term. However, adjustable rate payments may change; this is due to the adjustable feature of the loan.
The Refinancing process revises the payment schedule, interest rate, and previous loan agreement. This proposes potential savings for the client with the help of a trusted mortgage company.
Refinancing in North County San Diego
Severino Financial offers various loan programs that enable borrowers to purchase and refinance. At Severino Financial, we offer lower interest rates on all of our services and execute each service with quality and expertise.
Why Consider Refinancing?
Interest rate environments are cyclical in nature. This means that the market constantly changes, and with these changes, consumers and clients see if there are opportunities for a decrease in interest rates. Some good reasons to consider refinancing are payment reduction, loan length reduction, and easier debt consolidation and management. Here are the various types of refinancing options:
The interest rate is fixed for the term of the loan. This is what is called a Fixed-Rate loan. This loan has terms of 10 to 40 years where the payments stay the same.
Adjustable-rate home loans may provide lower monthly payments. This type of home loan payment schedule is unpredictable and depends on financial market conditions.
- Home Equity Loan
When a borrower utilizes the equity of his property as collateral, that is a home equity loan. The amount of the loan is dependent on the property value, and the property value is determined by a non-biased 3rd-party appraisal firm.
- Combination Loan ( First Mortgage + Line of Credit)
This is when two separate mortgage loans, a first and second, from the same lender to the same borrower are combined in a single transaction.
We want to help you refinance. Contact the experts at Severino Financial. Call us today at