Refinance Mortgage Wildomar, CA

With record-low refinance rates, you might be thinking about investing in a Wildomar, CA refinance mortgage. Refinancing could lower your monthly mortgage payments, reduce the life of your loan, and allow you to access the equity in your Riverside County home; just to name a few of the benefits. However, before you start researching “refinance mortgage near me”, there are a few factors that you’re going to want to consider before you get in touch with a company that specializes in refinance home loans.

Here’s a look at some of the most important things that you should know before you start the process of refinancing your Riverside County home.

Find Out How Much Equity You Have in Your Riverside County Home

One of the most important factors that you’re going to want to consider before you refinance is how much equity you have in your Riverside County house. If you have little or no equity, you may not be able to secure a Wildomar, CA refinance mortgage.

To calculate how much equity you have, first, estimate the current market value of your property. You can use a free online tool, such as Redfin’s Estimate or Zillow’s Zestimate, which utilize algorithms and information that’s made publicly available to generate current market estimates. Next, find out how much you own on your existing mortgage by checking your most recent statement or by requesting a loan balance from your lender. Then, subtract the balance on your mortgage from your home’s current market value. For example, if your home is valued at $400,000 and you owe $150,000, you would have $250,000 of equity.

Calculate Your Debt-to-Income Ratio

Debt-to-income (DTI) ratio compares how much money owe on your debts each month to your gross income (the amount you make before deductions are removed, such as taxes and health insurance). Typically, Wildomar, CA refinance mortgage lenders are looking for a DTI ratio of no more than 36%, as this amount will help you secure the best refinance rates. However, if your DTI ratio is higher than 36%, that doesn’t mean you won’t qualify for a refinance home loan. The best refinance mortgage company may be able to assist you with refinancing your Riverside County house at a good rate.

Find Out Your Credit Score

You’ll also want to find out your credit score, as it will have a direct impact on your eligibility for a refinance mortgage, as well as your interest rates. Ideally, you should have a credit score of at least 740 to be considered eligible for a Wildomar, CA refinance mortgage. If your credit score is lower, don’t despair, as there are some things you can do to increase it; for example, you could check for and dispute errors on your credit report, pay down your debts and make sure you’re making timely payments.

Find Out the Current Refinance Rates

Just like the rates on a traditional home mortgage, the rates on Wildomar, CA refinance mortgages vary and change on a constant basis. The rates you saw when you are researching this afternoon could be different tomorrow morning. For that reason, it’s important that you find out what the most current home refinance rates are right before you start the process of applying. It’s also a good idea to choose a lender that will be able to lock the rates in place so that you won’t be affected should they go up before your new mortgage is finalized.

Ready to Apply for a Refinance Mortgage Near You?

If you’re thinking about refinancing your current Riverside County mortgage and you want to find the best mortgage refinance company in the area, get in touch with Jet Direct Mortgage. Offering years of experience and a proven track record of success, we can help you secure the lowest rates on a refinance home loan. For more information or to schedule a consultation with one of our knowledgeable and friendly loan officers, give us a call at 1.800.700.4JET or check us out online at https://www.jetdirectmortgage.com/.

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Some information about Wildomar, CA

Wildomar is a city in southwest Riverside County, California, United States. The city was incorporated on July 1, 2008. As of the 2020 census, the population was 36,875. The community grew very quickly during the early twenty-first century; the population has more than doubled since the 2000 census, when the community was still an unincorporated census-designated place.

In the summer of 1880 when, looking down from the peak of Mt. Baldy, Franklin Heald of Pasadena first noticed Lake Elsinore, then known as La Laguna. A few months later, in October, Frank Kimbal of San Diego signed an agreement with the Atchison, Topeka and Santa Fe Railroad to build a rail line past the lake from San Diego to Barstow, then known as Waterman.

The next winter, Heald traveled by buggy to see La Laguna (Lake Elsinore) at the same time work commenced on the rail line from San Diego skirting the lakeshore. The new line was to be known as the California Southern Railroad. Rails and spikes were brought from Antwerp, Belgium, and locomotives came from the Eastern Seaboard. The line was completed as far as Colton on August 14, 1882. The new train service was destined to bring development to the Wildomar area, then known as the southern portion of the Rancho La Laguna.

Heald found that the Rancho La Laguna could be purchased, with the exception of some 500 acres (2.0 km²) owned by the Machado family, from the London and San Francisco Bank for $24,000. On July 3, 1883, Heald paid $1,000 as a down payment on the area. He then brought in William Collier and Donald Graham as partners. On September 24 of that year, the three men purchased the 12,832 acres (51.93 km²) of Rancho La Laguna with an additional payment of $7,000 advanced by William Collier. The remaining debt was paid off shortly thereafter.

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• Wildomar, CA is located in Riverside county in California State