Best Mortgage Refinance Companies in Oxnard, CA

Oxnard, CA Mortgage Refinance FAQs

• Can people refinance if they have a second mortgage on their homes in Oxnard?

  Yes, second mortgages are typically paid off through refinancing, and mortgage companies can consolidate both loans into a new one, resulting in a single payment each month. However, through a process called subordination, they may ask the second lender to remain in position if clients prefer to keep the mortgage while refinancing the first loan.

• What should Oxnard homeowners consider when comparing mortgage rates?

  Oxnard homeowners should compare mortgage rates from different lenders on the same day since rates constantly change. They should ask for the lowest rate with no points for any particular loan product and inquire if lenders charge processing fees. Also, they should ask if lenders offer credits toward closing costs.

• Can clients in Oxnard obtain a second VA home loan?

  Yes, veterans, their eligible surviving spouses, and active-duty service members in Oxnard are eligible for a VA home loan more than once. They must purchase a home with a VA loan and sell the property to buy another with a new loan. To be eligible for a second VA loan, they must also refinance an existing one into another. Do note that homeowners can have VA loans for two different properties at the same time.

• When should homeowners in Oxnard avoid refinancing home loans?

  People in Oxnard should avoid refinancing if they are moving in the next six months, unless their current home loan interest rates are low. Homeowners who are currently remodeling their properties should also wait until the projects are done before they apply for refinancing. If borrowers have less than 10 years to pay off their mortgage, they should not refinance their homes unless they need to cash out or the interest rates are lower than what they currently have.

• What is a “piggyback” loan?

  People in Oxnard looking to purchase their first homes can use a “piggyback” loan, which offers lower down and total monthly payments. This type includes one loan for the majority of clients’ borrowed amount and a second that covers the remaining amount. There are also no monthly private mortgage insurance costs.