Q: I have three properties at various rates over 3%. My primary residence has a $320,000.00 loan at 3.375% and my rentals are at 3.875% and 4.25%. Are there still good options for me to refinance these loans for lower payments?

A: YES! There are many good options for each of your properties. I have heard this same question many times this week so I am going to provide a LIST OF WHO CAN BENEFIT RIGHT NOW FROM TAKING ADVANTAGE WHAT ARE STILL HISTORICALLY LOW MORTGAGE RATES:

YOU CAN BENEFIT FROM CALLING ME RIGHT NOW AT 831-818-7700
(or send email to jchubb1@gmail.com) IF YOU FALL INTO ANY OF THE FOLLOWING CATEGORIES:

*If you have had your loan for over 5 years you may be able to benefit from a lower payment even if the rate you get is the SAME as your current rate. I would say that this is ANYONE with a loan over five years old with a rate over 3.125%. If you are seeking a lower payment I would advise you to call and find out how you might benefit right now.

*If your interest rate on your home is over 3.25% or your primary residence or 3.756%
on a rental, there is a good chance that you can benefit from a refinance to lower your payment. Benefits from lower payments are measured by LOAN AMOUNTS, but regardless of loan amount (over $180,000), a quick call may be beneficial.

*If you want or need to pull cash out from a primary or rental for any reason including home improvement, debt consolidation, or, really, any reason, my advice is to CALL NOW.

*If you have mortgage insurance on a loan that is more than 2 years old, you might be able to benefit from a quick call to review your options to lower or remove mortgage insurance.

Q: How much can I save on my $400,000 loan with a current rate of 3.625%? I got the loan from you two year ago and the payment is $1870.00.

A: You can save $185.00 per month with a 30 year fixed mortgage at 2.99% (2.99% a.p.r.) with NO BORROWER PAID COSTS AND NOTHING ADDED TO YOUR LOAN AMOUNT OF $400,000. You can save the $185.00 per month on cash flow and you could save even more in the long run if you want to build equity faster by making the same payment you are making now on the new loan at the lower rate. I want to be
very clear about this:

A LOAN WITH NO COSTS CHARGED OR ADDED TO YOUR LOAN AMOUNT IS ALWAYS A SMART MOVE BECAUSE YOU CAN ALWAYS FIND WAYS TO BENEFIT FROM EITHER CASH FLOW SAVINGS OR BUILDING MORE EQUITY OVER TIME. Call me questions at 831-818-7700 or send email to jchubb1@gmail.com.

Q: Why do we have to set up a NEW impound/escrow account if we refinance?

A: That is a good question! Currently lenders do not have that type of cooperation built into there servicing systems, probably due to the expense that would be involved. I know it can be a pain to set up a new one and wait for the old one to get refunded! Call me for strategy on this.