Best Mortgage Refinance Companies in Fullerton

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• How common is mortgage refinancing in Fullerton?

  Since 2022, Fullerton and the rest of the Los Angeles-Orange County area have seen 83% fewer mortgage refinances and 82% more equity loans. Home purchase loans in the metro are also down by 55%. California is seeing its biggest 12-month drop on record, with 63% fewer mortgages taken out in the same year.

• Can MyHome Assistance borrowers in Fullerton refinance their homes?

  While those in Fullerton who bought their homes through the MyHome Assistance program of the California Housing Finance Agency are permitted to refinance, they must pay their loan back in full (plus interest) once they do so. The same is true for borrowers who relocate, sell, or otherwise alter the home's ownership.

• What are the refinance options for those with low credit scores in Fullerton?

  Those in Fullerton with a credit score of below 700 and who have little home equity may refinance their mortgage to an FHA loan. However, the loan is only available for primary residences of one to four units. The average FICO score in California as of 2021 is 721, which is seven points higher than the national average.

• Can a refinance in Fullerton eliminate FHA mortgage insurance?

  Refinancing one’s FHA loan may allow borrowers in Fullerton to eliminate their mortgage insurance premiums. This may save borrowers $200 to $400 monthly without lowering their interest rates. However, refinancing may not be a good decision for those moving in the next six months or those who will have difficulty recouping the closing costs.

• What is the average closing cost amount in a refinance in Fullerton?

  In 2021, the average closing cost for a mortgage refinance in Fullerton and throughout California was $5,762 with taxes and $2,829 without. Six months' worth of property taxes are due at closing. Other costs are the application, loan origination, home appraisal, survey, title search and insurance, and attorney fees.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.