Torrance-California Mortgage Refinancing

Refinance Mortgage Rates in Torrance, CA 

The average home value in Torrance City –California is approx $ 744,000. Most mortgage borrows typically are into Jumbo loan category section. It is important to inform Torrance mortgage borrowers looking for lowest rate on their mortgage that Fannie Mae and Freddie Mac have recently increased the Loan Limit for all counties and state in California.

So if Torrance mortgage borrowers were initially put in to jumbo loan they need to talk to Torrance mortgage expert to help them with information on how to obtain lowest mortgage rates.So what was jumbo loan category where automatically the borrowers were given higher rate in past would now be qualifying for lower rates because they are now in the bracket of conventional Fannie Mae and Freddie Mac loan limit be it Single Family Home owners, Multi Family Home Owners.

This has impacted in a positive way to most Mortgage Borrowers in Torrance city. You need ti check with your Torrance Mortgage expert on the loan size for your mortgage and if you qualify for lower rate on mortgage or not if you are coming into conventional category. The reason why previously you were offered higher rate on jumbo loan was because jumbo loan are not backed by any Government agency and hence its not an easy buy with investors. Since jumbo mortgage are not backed by government agency like Fannie Mae and Freddie Mac. Investors do not have much appetite for such mortgage. 

These jumbo mortgages are underwritten on the basis of banks own underwriting Niche and guidelines.However once you come into conventional bucket. You have Standard government agency who have laid the guidelines for underwriting and backing the loan. Hence investors have an appetite for such mortgages. Like in 2008, all mortgages that were backed by Fannie Mae and Freddie Mac. Despite the mess. The investors didn’t lose the money else the two government agencies were at the verge of collapsing that is Fannie Mae and Freddie Mac. Precisely whey once you get into agency loan or agency backed loan you are looking at lower rate of interest.

Torrance-California Mortgage borrowers must contact their mortgage expert to help them achieve their goal of lowest mortgage rates on refinancing.

Average Home Values By City

• Torrance $744,600.
• Alondra Park $536,300.
• Lawndale $460,900.
• Lomita $601,000.
• Los Angeles $585,100.
• Palos Verdes Estates $1,930,500.
• Rancho Palos Verdes $1,222,900.
• Redondo Beach $913,100.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com  

Article by Roger Shanker 

Lowest Mortgage rates in Torrance

Torrance CA Mortgage Rates - Find Home Loans in Torrance 

When looking for refinancing options. The following will help mortgage borrowers. Keep a copy of your most recent mortgage statement with you while you are on the phone with an expert. If you give him ball park numbers to work with. His answers too will be in the ball park.Make sure you have correct income figures with you as to how much you are making every year. The expert is not interested in knowing how much do you take home but you’re Gross before taxes for employed borrowers. That is the income that will be considered for refinancing not take home.

If self employed, I understand it’s not possible to have accurate numbers because it will be worked out through your tax return but its important to know for certain if the income is stable inclining or declining and if declining is it greater than 20% decline in the current year.Have you done any remodelling to your home recently? If yes, make sure you mention that on call.You must know what is your monthly payment on all the debts you and your co borrower have if the mortgage is taken jointly. This helps the expert in calculating accurately how is your monthly payment on debt. Any collection or late of any kind must be mentioned to the expert. 

Mostly the mortgage broker for Home Loan in Torrance, CA  keep a statement while they meet us with the expert for home releated terms and condition and also all about the mortgage home refinance.

If the borrower is prepared with all the above answers it greatly helps the expert and the refinance process is much faster.Once the expert gets all the above information he can proceed towards the next step which is taking an application. Pulling your credit report. Working out rate and monthly payment and appropriate mortgage program for you.Borrowers do not like surprises. An expert however is not God. He has to work within the system and if the borrower tells the expert of any early warning signs. The expert can help  work your file keeping those in mind.The underwriters say that when a loan officer submits a file to us with all the relevant documents. Its like telling us a story. The files the numbers the documents all tell a story. So if the borrower hides something and later is found out. The story turns out to be bad. So its better to be upfront with the expert whose working on the mortgage to be aware of things. That ways he can narrate the story to the underwriter in such a way that your mortgage request is accepted and done.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154 .

Article by Roger Shanker