There are many reasons someone would choose to refinance their mortgage. See below for more information.
There are many reasons someone would choose to refinance their mortgage. See below for more information.
There are many reasons a homeowner chooses to refinance their mortgage. These can include lowering your mortgage interest rate, changing the term length, consolidating debt, home remodeling, paying for education, discontinue MI/PMI, buying a vacation home, new boat, motorhome, new vehicle, dream vacation, investment opportunities, or simply cashing out equity.
1). Conforming Loans
2). High Cost Conforming Loans
3). Jumbo Loans
4). First Time Homebuyer Loans (97% LTV)
5). Non-QM Loans
6). Bridge Loans
Changing Term Length:
Shortening term length can take years off of your mortgage. Overall, this will decrease the amount you will pay in interest and give you a better rate.
Lengthening or resetting your term can reduce monthly payments depending on how much of your original loan amount has been paid down. This can allow you more flexibility with your monthly finances.
Consolidating Debt:
Often times borrowers choose to consolidate high interest debt into their mortgage. This can potentially save you thousands in interest and improves your monthly cash flow. By consolidating the debt, you no longer have to worry about having to pay multiple bills.
Caution: This works great as a plan to reduce high interest debt but, be careful not to increase your credit cards debts once they have been paid off.
Remove Private Mortgage Insurance or Mortgage Insurance:
If you purchased your home and had less than 20% equity you may be paying Mortgage Insurance (MI). Once your value increases or you have paid down your mortgage where you have 20% equity in your home you may want to refinance with us to remove this MI. This can save you as much as $200-$400 a month in some cases.
Cashing out Equity:
Most homeowners choose to do a “cash-out” refinance to allow for growth. College or home improvements are two of the biggest reasons you may choose this option. Remodeling your home can typically lead to increased value of your home, while paying for a loved one’s college can give them a great start in their life.
Here are the 2022 Conforming limits for all 58 counties in California. “One-Unit” refers to a property with one structure (ie a Single Family Residence – SFR, condo, townhouse, PUD.), “Two-Unit” is a Duplex, etc. Higher loan limits allows more people to qualify for the best available mortgage rates. The Federal Housing Finance Agency (FHFA) updates their conforming loan limits every year.
County | One-Unit | Two-Unit | Three-Unit | Four-Unit |
---|---|---|---|---|
ALAMEDA | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
ALPINE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
AMADOR | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
BUTTE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
CALAVERAS | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
COLUSA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
CONTRA COSTA | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
DEL NORTE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
EL DORADO | $675,050 | $864,200 | $1,044,600 | $1,298,200 |
FRESNO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
GLENN | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
HUMBOLDT | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
IMPERIAL | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
INYO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
KERN | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
KINGS | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
LAKE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
LASSEN | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
LOS ANGELES | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
MADERA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MARIN | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
MARIPOSA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MENDOCINO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MERCED | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MODOC | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MONO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
MONTEREY | $854,450 | $1,093,850 | $1,322,200 | $1,643,200 |
NAPA | $897,000 | $1,148,350 | $1,388,050 | $1,725,050 |
NEVADA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
ORANGE | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
PLACER | $675,050 | $864,200 | $1,044,600 | $1,298,200 |
PLUMAS | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
RIVERSIDE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SACRAMENTO | $675,050 | $864,200 | $1,044,600 | $1,298,200 |
SAN BENITO | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
SAN BERNARDINO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SAN DIEGO | $879,750 | $1,126,250 | $1,361,350 | $1,691,850 |
SAN FRANCISCO | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
SAN JOAQUIN | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SAN LUIS OBISPO | $805,000 | $1,030,550 | $1,245,700 | $1,548,100 |
SAN MATEO | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
SANTA BARBARA | $783,150 | $1,002,600 | $1,211,900 | $1,506,100 |
SANTA CLARA | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
SANTA CRUZ | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
SHASTA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SIERRA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SISKIYOU | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SOLANO | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SONOMA | $764,750 | $979,000 | $1,183,400 | $1,470,700 |
STANISLAUS | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
SUTTER | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
TEHAMA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
TRINITY | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
TULARE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
TUOLUMNE | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
VENTURA | $851,000 | $1,089,450 | $1,316,900 | $1,636,550 |
YOLO | $675,050 | $864,200 | $1,044,600 | $1,298,200 |
YUBA | $647,200 | $828,700 | $1,001,650 | $1,244,850 |
WATSON CAPITAL MORTGAGE INC.
2950 Buskirk Ave Suite #300
Walnut Creek, Ca 94597
Office: (866) 434-1550
E-Fax: (888) 984-3511
Email: Bradwatson@wcmrates.com
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CA DRE Broker Lic #01785845
Company NMLS #2061728
CA Corporate License #4638041
Watson Capital Mortgage, Inc. is an independent mortgage brokerage company licensed to originate mortgage loans in the state of Califoria. Watson Capital Mortgage, Inc. supports Equal Housing Opportunity. Terms, interest rates, fees, promotions, and/or products listed above are subject to change or cancelation without notice and may or may not be available at the time of mortgage commitment or at the time of rate lock by either Watson Capital Mortgage or any third party company we work with.