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California VA Loan

FAQs of Refinancing a Residential Mortgage in California

When refinancing a mortgage there are a lot of questions that need to be answered for you. The following points are the answers to some of the questions you might have.

What is APR and Interest Rate? What is the difference?
The interest rate is what tells you how much the California mortgage lender will charge you for borrowing the money for the loan. The interest rate does not include points and it does not include closing costs for the loan either.
The APR on the other hand, Annual Percentage Rate, is a more genuine representative of the loan coast and is what you will want to use to compare the real cost of the loan. The APR consists of the percentage of the annual cost of the loan such as the interest rate, the points (not included in the interest rate), as well as the closing cost of the loan.

What is the time frame for recovering the costs of refinancing a mortgage?
The point of refinancing the mortgage is to reduce your interest and have lower monthly payments; you will end up paying for the closing costs before all this happens. So how do you know how long before you will recoup the money? What you want to do is divide the complete cost of the refinance by the post-tax monthly savings.

When and why should I refinance?
When you should refinance your mortgage? Typically, it is when the interest rates are at their best. Why? Typically, people refinance a mortgage in California to reduce monthly payments, switch from an ARM to a more predictable fixed-rate mortgage, or reduce the length of your mortgage.

To learn more about our financing solutions for residential and commercial properties, please call us at (310) 734-4044 or visit us at

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