Refinancing Your Home Loan
Ever thought your interest rate was too high? Want to decrease your monthly payment? Refinancing your home loan accomplishes this by providing you with a new and improved mortgage. Our team at Nikkael are experts on refinances and is here to help you each step of the way.
Get a lower interest rate
Take advantage of changing market interest rates to access a lower rate.
Lock in a lower interest rate
Your loan can be changed to a fixed rate, saving you thousands over the course of your loan term.
Reduce your monthly payment
Usually a lower interest rate means lower payments, freeing up money for improvement or retirement.
Pay off your loan early
The lower monthly payments and interest rates give you the ability to pay everything off before the term is over.
Am I Eligible?
Refinancing your mortgage is the best way to get more favorable loan terms and save money. Here’s what you typically need to qualify:
- Your current mortgage loan is in good standing
- Sufficient equity in your home (usually above 15-20%)
- A qualifying credit score (usually above 620)
- A moderate debt-to-income ratio
Pricing/interest rates change daily and, sometimes, multiple times a day. The best way to get a current rate is to speak with one of your mortgage loan originators by calling today.
No matter what anyone tells you, all loans have a cost; however, you can finance the cost by getting either a bigger loan amount, a higher interest rate, or both.
The cost will vary depending on your personal situation; however, wouldn’t you prefer to deal with a highly educated and experienced mortgage loan originator who is not only an attorney but an expert with financing?
If you have sufficient equity in your home, you can get cash out.
The best way to find out if you qualify is to speak with one of your mortgage loan originators by calling today.
Timing is a function of the type of loan you seek. Some loans can be closed in under three weeks. Reverse mortgages can take as long as six to ten weeks to close.
A refinance is a completely new loan (either with your existing lender or a new lender). Your current loan is paid off, and you have a new loan that replaces it.
If current interest rates exceed your existing mortgage, then you will want to explore whether extending your term or pulling out more cash based on your equity is right for you.
Depending on your situation, your payment may increase but you may have more cash immediately available. Working with an attorney-owned and operated mortgage company will help you make the best decision for your situation.
Besides the benefits of lower rates, lower monthly payments, and paying off your loan early, you can take advantage of extra money in your budget to make home improvements, save for retirement, or fund any other goal you may have.
The first step to refinancing your home loan is checking to see if you qualify. As a reminder, this is what lenders like to see:
- Your current mortgage loan is in good standing
- You have sufficient equity in your home (usually above 20%)
- Your credit score is 620 or higher
- You have a moderate debt-to-income ratio
If you think you would qualify, contact our team so we can show you the new and improved rates you can get.
No situation is too complex
With a real estate attorney at the helm, there is no situation that is too unique or complex for us to handle. Our highly trained team specializes in complex loans.
We’re also real estate attorneys
Nikkael Home Loans is owned and operated by attorneys who know how to work through challenging matters to find the best solution for you.
There’s no pressure
We won’t sell you on a loan—instead, we will educate and inform you about the best options to match your needs.
I was extremely impressed with your handling of the loan – I don’t say that very often. Thanks again.
We are very grateful to have you as our broker, you have helped us a lot and done a great job from the very beginning.
You did a wonderful job, I don’t think anyone else would have taken the time and put in the effort to get my loan closed.
For homeowners 55 and older who want to borrow part of their home's equity as tax-free income. You can use the money to pay off debt, make some home improvements, or pay for long-term care.
Qualify for a home loan when you have a non-traditional source of income or a low credit score—perfect if you’re self-employed, have asset or bank statements, or are a professional (i.e., a doctor or lawyer).
When a typical home loan isn’t your best choice, perhaps due to a low credit score or high debt-to-income ratio, we can help you get a private, or hard money, loan.
FHA & VA Loans
Two of the most popular loans are the FHA government loan program and the no-money-down military VA loan.
We’re experts in finding the best refinance loans in California. Contact us today!