Using a Los Angeles Refinance to Switch From Variable to Fixed Rate

Jul 16, 2013

Los Angeles refinanceThere are advantages to variable rate mortgages when interest rates are high, but when they’re at historic lows – like they are now – those benefits evaporate. That’s why it may be wise to switch to a fixed rate and lock in a low interest rate. The first thing to do is to find out if there is a convertible option on your variable. This is a window of time that allows you to lock in a rate. Keep in mind that you’ll likely have to pay some fees to get this switched over, but that’s true of any Los Angeles refinance.

 

If you contact your lender and discover that this isn’t a possibility, then your next move is to contact other lenders. Remember that you’ll need to do your due diligence and ensure you’re choosing a reputable lender. There are websites that give you info on various lenders, including their rankings and what products they offer. Request quotes from the lenders you’re interested in working with and wait to see what you’re offered. While there will be fees involved in refinancing, you could end up saving thousands of dollars in interest over the course of your loan. At a minimum, it’s worth looking into.

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