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Best Time to Refinance Chico CA

Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure that the timing is right to refinance? All of these are important points to keep in mind when considering the right time to refinance in Chico.

Kathleen M. Carpenter, CFP®
(530) 892-0253
116 Henshaw Ave
Chico, CA
Firm
RedRock Financial and Insurance Services, Inc
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Michael T. O'Donnell, CFP®
(530) 564-0960
2595 Ceanothus Ave. #186
Chico, CA
Firm
The O'Donnell Group
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Self-Employed Business Owners

Data Provided by:
Mrs. Diane M. Knight, CFP®
(530) 892-0253
116 Henshaw Ave
Chico, CA
Firm
RedRock Financial & Insurance Services, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Joseph Sweeney, CFP®
2452 Lakewest Dr
Chico, CA
Firm
Asset Management Group

Data Provided by:
Mark Thompson & David Venegas
2068 Talbert Drive, Suite 100
Chico, CA
Company
Title: Financial Advisors
Company: Titus & Associates
Education
BS, Business Administration & Finance, University of the Pacific
Years Experience
Years Experience: 7
Service
Education Funding & Financial Aid Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Manageme

Data Provided by:
Benjamin D. Knight, CFP®
(530) 892-0253
116 Henshaw Avenue
Chico, CA
Firm
RedRock Financial & Insurance Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Investment Planning, Life Planning, Long-Term Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Self-Employed Business Owners

Data Provided by:
Ryan O'Donnell, CFP®
(530) 564-0965
2595 Ceanothus Ave., Suite #186
Chico, CA
Firm
The O'Donnell Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Guerdon Tisdale Ely, CFP®
(530) 895-0636
40 Philadelphia Dr
Chico, CA
Firm
Ely Prudent Portfolios LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Estate Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Derek L. Hastings, CFP®
(530) 894-2244
2111 Forest Ave
Chico, CA
Firm
Barrett Financial Services
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Steven P. Hoke, CFP®
(530) 879-3276
555 Main St Ste 100
Chico, CA
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Life Planning, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Data Provided by:

Best Time to Refinance

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Best Time to Refinance

Author: justin narin

Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure that the timing is right to refinance? Are the rates and the current mortgage market the best indicators? What about other factors having to do with your mortgage, such as mortgage insurance, rising payment amounts, and the long-term goals you have for paying off your loan? Do you have needs such as debt consolidation that a refinance could address? All of these are important points to keep in mind when considering the right time to refinance. What you must do is evaluate the critical factors and how to balance them in your decision-making in order to most wisely choose the time and manner of your refinance.

Of course, continuing to pay attention to rates, even after you close, can save you a great deal of money. How much you pay on your mortgage each month is directly related to your interest rate. If your first mortgage has a fixed rate, you can easily compare it to current mortgage rates and know with relative certainty whether refinancing now makes sense. In the absence of any other pressures, as long as the rate you have on a fixed rate loan is lower than current rates, you should probably stick with it.

On the other hand, if you have an adjustable rate mortgage (ARM) and rates are rising, your payment will also be increasing. In this case, consider how much rates will climb and how much more you'll be paying per month. You may consult with a financial planner or loan officer to get their opinions on market trends. With their advice, you can decide if refinancing to a fixed rate now is more beneficial in the long run.

You're probably beginning to see that the right time to refinance has more to do with you than with the mortgage market. Sure, low interest rates are a factor, but your individual situation is the greatest indicator. For example, are you paying on a loan that requires you to carry mortgage insurance? Have you built up enough equity to drop that insurance through a refinance? If so, refinancing could save you hundreds each month, even if rates have remained unchanged or have increased slightly.

Did you sign a three- or five-year adjustable rate mortgage (ARM) in the last few years? If so, be sure you know when your introductory term expires. You'll want to get a head start on refinancing your loan unless you're prepared to begin making a much higher payment. This type of loan allows you to make reduced (usually interest-only) payments for the first several years. After that time expires, the loan reverts to a regular amortized loan with principal and interest payments. Unless your income has increased significantly, these payments could be an ugly shock. Don't wait for this unpleasant surprise! If the introductory period on your three-year, five-year, or other loan is set to expire, beat increased payments to the punch before the first one hits your mailbox.

Sometimes, lowering your mortgage payment is not the primary focus. Are you thinking of paying down some of your high-interest debt? Do you have a child going off to college soon? Dreaming about a newly remodeled kitchen or bathroom? Getting cash out of your home may be the ticket. You can get cash out through a refinance, which will allow you to draw against the equity in your home without taking out a second mortgage.

All of these and many others make up the list of reasons homeowners may choose to refinance their homes. Current interest rates are only part of the equation. Establish your goals, learn about your options, and make the decision that's best for you and your timetable.

For more articles on Home Refinance, visit: http://www.bills.com/refinance-my-home/

About the Author:

Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

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