Best Mortgage Refinance Companies in Hayward

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 can refinancing points be favorable for a borrower in Hayward?

  Refinancing points can save the borrower in Hayward more money over time. This is because when they pay in points, they pay more upfront costs, resulting in lower interest rates and more savings. Such an arrangement works best if the borrower keeps the loan for an extended period of time.

• What are the recent conforming loan limits in Hayward and throughout Alameda County?

  Recently, $1,089,300 is the high-balance conforming loan limit and $726,200 is for the low-balance loan. Loans in between these limits are considered high-balance loans. These limits are based on one-unit properties in Hayward and throughout Alameda County. High-balance loans tend to have slightly higher interest rates and stricter qualifying requirements compared to low-balance loans. For multi-unit properties the limits are:

  • 4-unit property – $2,095,200
  • 3-unit property – $1,685,850
  • 2-unit property – $1,394,775

• Can you use the Freddie Mac Enhanced Relief Refinance program for investment properties in Hayward?

  Yes, the program can be used in Hayward for investment properties, second homes, and owner-occupied homes. The Freddie Mac Enhanced Relief Refinance program is also available for single-family and multi-family properties. To qualify, your loan-to-value ratio must be greater than 97.01% for a one-unit owner-occupied home. Additionally, your mortgage must have been released on or after October 1, 2017, or it must have been 15 months since it was released. You must also not have been late on any payments in the previous six months.

• What should you do if you are planning to refinance a Below Market Rate Unit of the City of Hayward Inclusionary Housing Program?

  You must notify the City of Hayward by sending an email to housing@hayward-ca.gov. The request will be subject to approval and must meet the criteria outlined in the Resale Restriction Agreement. There are also minimum requirements, such as the new loan not exceeding the principal amount or the city-provided affordable cost value.

• Can you apply for a Home Equity Line of Credit (HELOC) if you have an Alameda County Boost program in your Hayward mortgage?

  No, you cannot apply for a HELOC, a home equity loan, or a reverse mortgage. If you do, you will be in direct violation of program requirements and ordered to pay the amount received from the AC Boost program plus property appreciation value. If you have any questions, please contact the County of Alameda Housing and Community Development Department at (510) 670-5404. Visit the department's office in Room 108 at 224 W Winton Avenue, Hayward, CA 94544.

• 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.