Freddie Mac’s slogan is “We make home possible”—a claim that is literally true for more than a few Costa Mesa homeowners. Freddie (the Federal Home Loan Mortgage Corp.) has the stated mission to keep money flowing (that is, supply liquidity) to the nation’s smaller mortgage lenders, while “Fannie Mae” does the same for large retail banks. Both are government-sponsored enterprises.
This past Tuesday, Freddie published its “4 Reasons to Refinance Your Mortgage.” Since the Corporation has north of $2 trillion in assets under management, you could say there were at least two trillion reasons why anyone who ever deals with Costa Mesa home loans might find the ideas worth checking out. Freddie’s reasons for refinancing:
- Lower your monthly Costa Mesa mortgage payments. Ever since home loan rates dipped down into the “historically” low range, financial advisors have urged homeowners to reexamine their current mortgage rates to see if taking out a new loan would put more cash in their pockets.
- Pay off your home loan sooner. If a refinanced loan would carry a lower rate, Costa Mesa homeowners who arrange to continue paying the same monthly amount will retire the mortgage at an earlier date. Net result: they’ll own their Costa Mesa home free and clear sooner.
- Save on total interest paid. That’s just another way of looking at the end result of a lower monthly interest rate.
- Switch mortgage types. When negotiating a refi’s terms, homeowners may be able to switch from a fixed-rate to an adjustable-rate mortgage (ARM)—or vice-versa.
For Costa Mesa homeowners who are reasonably certain that they will move before the first adjustment is made, switching to an ARM could be a desirable way to preserve cash. Likewise, a current ARM loan holder might breathe easier by locking in today’s rates for the long haul.
They aren’t earthshakingly original, but as rates begin to creep higher, Costa Mesa homeowners who haven’t yet sat down to work out the consequences of refinancing may be happy later on if they do so at this juncture. Call me anytime for a no-obligation discussion of the potential offered by this or any other Costa Mesa real estate initiative.
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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