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Whether your desire to refinance is to reduce your current
interest rate, change loan programs, combine your mortgages, consolidate debt,
get cash back, do home improvements or just reduce the term of your mortgage,
you’ve come to the right place.
PacWest has been helping homeowners refinance their
existing mortgages since 1984. We offer some of the best rates and programs
available, not to mention service that can’t be found elsewhere. Your
transaction is processed and approved by PacWest, not by an investor or lender
back east. You know where you stand during the loan process because we keep you
informed, thanks to our in-house underwriting and closing for all of our loan
programs.
Should I Refinance?
Some people will tell you that it's best to refinance when you're sure you
can decrease your interest rate somewhere between one and two percentage
points. While this may be true in some cases, it’s best to evaluate other
factors as well, such as how much it's going to cost you up front to refinance
(i.e. closing costs and discount points) and how long you intend on keeping the
home. On some loans with reduced closing costs, you can benefit just by
reducing the rate as little at ½% with a
FHA or VA Streamline refinance. Other benefits of refinancing include:
shortening the term of your loan to build equity faster, combining two existing
mortgages into one new mortgage to reduce your monthly payments, receiving cash
back for personal needs including home improvements and/or debt consolidation,
converting your ARM loan to a fixed rate, or your fixed rate to an ARM loan.
Another good reason to switch would be if you are now paying the high cost of
mortgage insurance. Some monthly mortgage insurance can be dropped if your loan
to value ratio (LTV) if 80% or less. Whatever your motivation for refinancing,
we’d be happy to provide information about current rates and estimated closing
costs to help you decide if refinancing has advantages for you.
REFINANCE ANALYSIS
For
those who want to apply a sharper pencil to decide whether refinancing make
sense or not, here’s an easy formula to give you an answer.
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