Best Mortgage Refinance Companies in Marin County

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.
  

• What are the limits for low-balance and high-balance conforming loans in Marin County?

  Mortgages in Marin County under $726,200 are considered low-balance, while those over this amount and under $1,089,300 are considered high-balance. Low-balance loans tend to have lower interest rates and consequently, smaller monthly payments. High-balance loans cost more, but still less than jumbo loans. Note that these limits change every year as determined by the Federal Housing Finance Agency (FHFA).

• How can you prepare your home for a refinance appraisal in Marin County?

  You can clean up your home before an appraisal in Marin County. That said, there is no need to make everything perfect since the goal of the appraisal is determining property value. Just avoid scheduling it at a time when your house is under construction. The appraiser needs to check whether you have a working toilet and utilities, installed carbon monoxide detectors, double-strapped water heaters, and legal kitchen lines. You must therefore make all rooms accessible.

• Is it worth refinancing to a shorter loan term in Marin County?

  Yes, it is worth refinancing to reduce your loan term in Marin County—if you can afford it. Shorter loan amortization periods usually mean higher monthly payments, but refinancing can also save you interest if the current market rates are low. Paying off your loan faster will not only build equity but also free up your finances when the mortgage ends.

• Is an adjustable-rate mortgage (ARM) good for you if you plan to stay in a Marin County home for good?

  No, an adjustable-rate mortgage might not be the best if your goal is long-term residence in Marin County. ARMs offer lower interest rates for a fixed period ranging from three to 10 years at the start of your mortgage. The rates will then fluctuate annually. For this reason, an ARM is good only if you plan to move out or refinance after the fixed period of your mortgage or if you can afford an increase in monthly payments.

• When should you consider refinancing in Marin County if you have a first and second mortgage?

  It makes sense to refinance in Marin County when your home value has increased. You can take advantage of the appreciation and consolidate your loans; this way, you only need to make a single payment. It will be even better if your refinance matches a drop in interest rates, which will allow you to have more savings over the loan term.

• 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.