Refinance Mortgage Chiriaco Summit, CA
Refinance Mortgage in Chiriaco Summit, CA 92201
Looking for the Best Home Refinance Rates in Riverside County? Key Questions to Ask a Chiriaco Summit, CA Refinance Mortgage Company
If you’re a Riverside County homeowner and you’re looking for a company to assist you with a refinance mortgage near you, get in touch with Jet Direct Mortgage. Specializing in Chiriaco Summit, CA refinance mortgages and reverse mortgages, our team of licensed and certified brokers have been helping property owners throughout the area lower their monthly payments and get the most out of their home equity for decades. With home refinance rates the lowest they’ve been in decades, now is the perfect time to consider a refinance home loan. Whether you’re interested in cutting your monthly expenses or you’re looking to take advantage of the equity in your home, get in touch with Jet Direct Mortgage, the best refinance company, to find out how we can help you secure the lowest mortgage refinance rates.
Questions to Ask a Chiriaco Summit, CA Refinance Mortgage Company
With historically low refinance rates, now is the perfect time to consider a Chiriaco Summit, CA home refinance mortgage. Refinancing offers several benefits, some of the most notable of which include:
- A lower rate on your Riverside County mortgage
- Reduced monthly payments
- More predictable expenses
- A shortened term on your loan
Those are just some of the benefits that you can take advantage of when you refinance your Riverside County mortgage. After searching online for “refinance mortgage near me”, you’ve found a few companies that you’re thinking about working with. Now it’s time to schedule consultations and determine which company will best fit your needs. By knowing what questions to ask, you’ll have an easier time finding the right lender for you.
Here’s a look at some key questions you should consider asking when you’re looking for a Chiriaco Summit, CA refinance mortgage company.
What type of refinance loans do you offer?
While there are several different types of Chiriaco Summit, CA refinance mortgages, two of the most common options include:
- Rate and term refinance. With a rate and term refinance, you’ll be able to lower the rate on your loan or change your loan program (go from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, for example), or do both. If you want to take advantage of the low home refinance rates and you are interested in switching to a different type of loan, a rate and term refinance would be a good option for you.
- Cash-out refinance. With a cash-out refinance, you can take advantage of current market home refinance rates. For example, if your Riverside County home is worth more than you owe on your current mortgage, you could withdraw the equity you’ve built and secure a lower interest rate. For example, if your principal balance is $100,000 and you want to secure $25,000 to put an addition on your house, with this type of Chiriaco Summit, CA refinance mortgage, you could take out a $125,000 mortgage; your lender would put $100,000 toward your principal balance and give you a check for $25,000.
What do I need to qualify for a refinance home loan?
Find out what standards the lender will require you to meet in the following areas in order to be eligible for a Chiriaco Summit, CA refinance mortgage:
- Credit score. No matter which lender you work with, your credit score will not only impact your ability to qualify for a new loan, but it will also impact the home refinance rates you’ll receive. However, the minimum credit score requirement will vary from lender to lender, so make sure that you find out what your score will need to be in order to qualify for the loan you’re interested in.
- Equity. The amount of equity you’ve built in your Riverside County home refers to the percentage that you’ve paid off on your principal balance. Typically, lenders will require you to have at least some amount of equity in your house in order to be eligible for a refinance. Make sure that you find out how much equity the lender you’re thinking about working with will require you to have in order to refinance.
- Debt-to-income (DTI) ratio. This ratio compares your monthly debt payments to your monthly gross income (the amount of money you make before deductions, such as taxes and health insurance, are taken out). DTI is the percentage of your gross monthly income that you need to pay your monthly debts.
Do you offer locks on interest rates?
Home refinance rates fluctuate on a daily basis, and they vary significantly and depend on the current market. Though it will take less time to complete the process of completing a Chiriaco Summit, CA refinance mortgage than it took to secure your initial loan, they don’t close overnight. With a rate lock, you’ll be able to lock in your interest rate and keep that rate while your Riverside County lender closes out your loan. This will prevent you from being impacted by changes in interest rates as the market shifts and ensure that your new loan remains predictable.
How much will closing costs be?
Just like when you took out the initial mortgage on your Riverside County home, you’ll have to pay closing costs to your lender in order to finalize your refinance home loan. Closing costs will vary from lender to lender and vary from one location to another. On average, closing costs on a refinance are equivalent to around 2% to 3% of the total value of your mortgage, but be sure to ask your lender so that you know how much you’ll be responsible for ahead of time.
For the Best Home Refinance Rates in Riverside County, Contact Jet Direct Mortgage!
When you’re researching “refinance mortgage near me”, be sure to include Riverside County’s best refinance company on your list of lenders to contact. To find out how we can help you secure the lowest home refinance rates, save money on your monthly payments, or make the most out of your home’s equity, call 855-553-4732 or visit https://www.jetdirectmortgage.com/ to speak with one of our certified loan officers.
Some information about Chiriaco Summit, CA
Chiriaco Summit is a small unincorporated community and travel stop located along Interstate 10 in the Colorado Desert of Southern California. It lies 19 miles (31 km) west of Desert Center on the divide between the Chuckwalla Valley and the Salton Sea basin at an elevation of 1,706 feet (520 m).
Originally known as Shaver Summit, Chiriaco Summit is the high point of Box Canyon Road, a gravel road that paralleled the Bradshaw Trail from the Coachella Valley to Blythe. The land was purchased by Joe Chiriaco, an entrepreneur from Alabama. After traveling west to attend a college football game in the Rose Bowl in 1925, he decided to stay and found employment with the Los Angeles Bureau of Water and Power (now Los Angeles Department of Water and Power or LADWP). He heard of plans to pave Box Canyon Road, so he purchased Shaver Summit and broke ground on a service station and general store. The hearsay proved true, and on August 15, 1933, the same day that cars began traveling over the brand-new U.S. Route 60, Shaver Summit was open for business.
Even more bustle came to the area when construction began on the Colorado River Aqueduct in the mid-1930s. This project of epic scale, which brought water to Riverside from Lake Havasu, tunneled through the mountains north of town. Joe worked on the project as a surveyor. Around this time, he met his wife, Ruth, a nurse from the Coachella Valley.
In 1942, Joe had an unlikely visitor - General George S. Patton. Patton had the daunting task of training a million men to endure the harsh conditions of the Sahara in northern Africa, and he had found the right place - 18,000 square miles (47,000 km2) of Mojave and Colorado Desert - the entire southeast corner of California and part of Arizona. The area would be known as the California/Arizona Maneuver Area (CAMA). Patton chose a site a mile east of Shaver Summit to establish the headquarters of his operation, Camp Young. During the time the base was active, Joe was visited by countless soldiers who were drawn “like bees to blossoms” to his well-stocked general store. Operations were conducted until 1944, when the Allies declared victory in the Sahara.