Perhaps you’re a Redwood City homeowner paying an excessive mortgage interest rate. Or maybe you desire something more stable than a fluctuating adjustable rate mortgage (ARM). In either case, HPI Financial can help you reach your goals with a mortgage refinance in Redwood City.
Before you decide to refinance, however, be sure to take stock of your situation. Look closely at your circumstances and objectives to determine if refinancing is the right move. HPI Financial can assist you with your efforts. By working directly with you to identify needs and goals, our knowledgeable loan consultants will give you a clear and complete picture of your refinance options. The insights you gain will be the basis of a sound decision.
Why Get a Redwood City Mortgage Refinance?
Homeowners typically refinance for one of two reasons. Either they hope to gain stability by switching from an adjustable-rate mortgage to a fixed rate. Or they simply desire lower monthly payments.
When switching from an ARM to a fixed, it’s important to be aware of several key facts. First, fixed interest rates likely will be higher than the adjustable variety, particularly during the first few years. The trade off, of course, is greater predictability in your life. When expenses are set in stone, you’ll be better able to prepare a monthly budget. This preparedness no doubt will be a major relief, as well as a welcome time-saver.
Refinancing also offers a substantial money-saving opportunity to borrowers. By obtaining a new loan with a lower interest rate, monthly payments will drop proportionately. Refinancing also can extend the term of your current loan. An extension is another proven and effective way to lower monthly mortgage payments.
What You’ll Need to Apply for a Redwood City Mortgage Refinance
Along with sufficient home equity, applicants must provide supporting documents to begin the refinance process. These include:
- W-2 Statements (last two years)
- Recent Pay Stubs
- Bank Account and Investment Statements
- Completed Tax Returns (signed)
- Mortgage and Home Equity Line of Credit Statements
Providing this documentation facilitates an accurate and complete assessment of your application and expedites the approval process.
Are you interested in learning more about obtaining a mortgage refinance in Redwood City? Contact our team for more information and answers to all your questions. Whether your home is in Redwood City, San Carlos, or anywhere in California, HPI Financial will get the right loan for you.