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  Mortgage Refinances in San Jose, CaliforniaThere are two types of refinance mortgages - Rate/Term and Cash-out. Interest rates for Rate/Term refinances are the same as for purchase mortgages while cash-out refinances typically have a slightly higher rate. The most important factors impacting the interest rate and your ability to refinance are the Loan to Value Ratio (LTV) and Documentation Type.
Cash-Out Refinances - you can cash-out equity in your property for just about any reason. You can get the best interest rate if you borrow up to 70% of the value of your property (LTV). From 70% to 80% the rate gets a little higher. Over 80% you may have to pay Private Mortgage Insurance (other options are available, call to discuss).
Rate/Term Refinances - you can borrow up to 80% of your property value to
refinance your current mortgage for better rate or lower payment or to get rid of Private mortgage Insurance. Loan amounts over 80% LTV may result in having to pay Private Mortgage Insurance. PMI provides no benefit to the borrower and only insures the lender against their loss. Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer the same day! |
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