Refinance Mortgage Rates in Oakland, CA

Oakland-California Mortgage Refinancing

The median value in Oakland- California is about $ 687,000 and the property price has been moving up by almost 9% every year.So if you are a mortgage borrower looking to refinance with lowest mortgage rates. You would be surprised to know that the loan limit to consider a loan conventional backed by government agencies has been increased. What that means is that if you had a loan amount that was higher than government prescribed loan limit be it Single family or multi family home. Now there is a possibility that your loan is within the new loan limit set by the government agencies that is Fannie Mae and Freddie Mac and now you have a chance of reducing your mortgage rates further.

You may have come across the word from your Oakland-California mortgage expert that your mortgage is jumbo and hence it will be underwritten with banks underwriting policy and a higher rate would have been offered. Most likely you are on adjustable rate mortgage because in very few cases have i seen a borrower going in for 30 years fixed on jumbo loan.That is because your mortgage was put in the bucket of jumbo that had no government agencies backing like Fannie Mae or Freddie Mac. However with the loan limit now having increased to bring more number of loans to be classified under Conventional or Agency backed loan as its called. You now have a chance to qualify yourself for lower rate of interest on your house mortgage.

The reason why you have a higher rate in case of jumbo is very simple to understand. In case of conventional or agency backed loan like Fannie Mae or Freddie Mac backed loan. The mortgage is underwritten using the government agencies guideline and not exclusively with banks own guidelines So if your mortgage is underwritten with government agencies guideline. These mortgage have an easy sell in the market to investors because the investors know that it has a backing of the government so at least they are insured income way.  Hence these loans are an easy sell and so lower rate of interest to mortgage borrowers.As for jumbo they are not backed by government agencies hence you get a higher mortgage rate on jumbo loans.So if you are a Oakland-California mortgage borrower looking to refinance on low rate. You need to talk to Oakland-California Mortgage expert.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com  .

Article by Roger Shanker

Oakland Mortgage Refinance

Oakland CA Mortgage Rates - Find Home Loans in Oakland

There are several mortgage companies I the bay area who would like to advice the mortgage borrowers on how to go about managing their house payments.Some of the things an Oakland Mortgage borrower must look into while seeking help on hi s mortgage is. Is the person or the entity a Oakland and Direct Mortgage Lender or is he a Oakland Mortgage Broker or is he a combination of Direct Lender as well as mortgage broker.Why this piece of information is helpful to Best Oakland mortgage borrowers is because a if you go to work with a lender. They have very restricted programs for which you must qualify and if you don’t there is likelihood that you may be given a program that may not necessarily suit your financial needs but packaged and pitched to you in such a way that you are convinced that it’s the best thing for you.

Should you go to a Oakland mortgage broker he has many choices to present you because he may be working with several different banks and hence more products or choices to be presented to the mortgage borrower.A hybrid of Mortgage Lender and Mortgage broker is the most suited entity or person because it has best of both the worlds. They can lend you as lender with their own money and fro their own product if that is the best suited product for you. If not they can look into their affiliate lending partners and get your mortgage done through them if they have a better product that suits your need.

A great mortgage expert wouldn’t just do your mortgage but would keep in touch with you to inform you over the years from time to time when to switch your program or when the rates come down instead of you doing that for yourself. They keep in touch with you for years to help you whenever you need them. Make sure that your mortgage expert takes time and effort to explain to you what the program is and how is that beneficial instead of just giving some time to you without you knowing or understanding what it is.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154 .

Article by Roger Shanker