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Which California Refinance Loan Option Is Best For Your Situation?
By Keith Hunt
There aren't quite as many California refinance loan programs as there are borrowers, but it seems like it sometimes! But there are some general considerations to keep in mind.

If refinancing in California primarily to lower the rate and monthly payments then the best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe an ARM -- adjustable rate mortgage -- where the interest rate varies. Even if it's low now, unlike an ARM, a fixed-rate mortgage locks that low rate in for the life of the California loan. This is especially a good idea if you don't think you'll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.

Are you refinancing in California primarily to cash out some home equity? Maybe for home improvements, college tuition bill, take a dream vacation, you'll want to qualify for a California loan for more than the balance remaining on your current mortgage. If you've had your current mortgage for a number of years and/or have a mortgage whose interest rate is higher, you may be able to do this without increasing your monthly payment.

You want to cash out some equity to consolidate other debt? Good idea! If you have the equity in your California home to make it work, paying off other debt with higher interest rates than the interest rate on your mortgage -- for example, credit cards, home equity loans, car loans, some student loans -- means you can save possibly hundreds of dollars a month.

Do

you want to build up home equity more quickly, and pay off your mortgage sooner? Consider refinancing in California with a shorter-term loan, such as a 15-year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly.

If you have had your current 30-year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment -- you may even be able to save! For example, let's say years ago you took out a $150,000 30-year mortgage at eight percent. Your payment is about $1,100, exclusive of taxes, insurance and so on. If your balance today is down to $130,000, you might take out a 15-year mortgage at six percent and have an almost identical monthly payment. This is a great option for people whose main goal is not to save money on their monthly payment but rather want to build up equity and pay off their home more quickly.

For more information on the right California refinance loan please call 866 398 4664 or go to

GoldMedalMortgage.com provides mortgage services through partners including Pick a payment refinance, California home equity loans, downpayment assistance, home buyer grants, zero down mortgage loans for California first time home buyers. Poor credit OK.For more information please call 866 398 4664 or go to www.goldmedalmortgage.com

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