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California Refinance Mortgage Rates

Refinancing a home involves replacing an old debt obligation with an agreement that has different terms, such as a lower interest rate or a longer payback period. Many homeowners are taking advantage of low refinance mortgage rates in California to secure their homes and rental properties – often while freeing up capital to acquire additional property, pay for higher education, and fulfill other financial needs. Three popular refinancing options are discussed below.

Refinance Mortgage Rates from Variable to Fixed

Many California homeowners have trouble with their current mortgages because variable or floating interest rates have grown out of control. Whereas variable rates can change annually in response to the Cost of Funds Index (COFI) and other indices, fixed rate mortgages provide peace of mind. Popular refinancing programs offer 15 year and 30 year refinance rates to fit different financial needs – and even the biggest loans can get lower fees.

Refinance to Consolidate Debt

Securing a Federal Housing Administration mortgage, or FHA loan, is one of the best ways to cash out and refinance a mortgage by up to 85%. This option is generally best for homeowners who have built up considerable equity in their homes. The upper limit of 85% is extended to owners of properties that were purchased more than a year before the refinancing proceedings begin. California homeowners who paid closing costs at the time of purchase may also be able to refinance their closing costs.

Refinance for Lower Payments

California homeowners who meet certain criteria can use FHA Streamline to refinance without getting a home appraisal. This easy means of refinancing is one of the speediest, lowest stress options available. Eligible participants have a strong record of on-time loan payments and have owned the property for at least six months. These loans are especially appropriate for homeowners wishing to make improvements that will ultimately add to their homes’ equity; the payment already owed plus the cost of repairs can be bundled together. No cost FHA Streamline loans are available only through FHA-approved banks and mortgage companies.