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Montara Refinance Information - Cash Out Refinance

Another way to make a Montara refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," in mortgage speak. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 8.5%, the payment on a $200,000, 30-year fixed-rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more. The best use for the extra cash is to pay off any higher-rate loans you may have. Let's say that you are carrying a $15,000 car loan at 10% and making minimum payments on a $10,000 credit-card balance at 17%. Your monthly payments on those debts would total $680. Then assume you refinanced your mortgage, taking out an additional $25,000 to pay off your car and credit-card loans. Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505).

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Refinance Considerations Refinance and Save Refinance Options


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Additional Montara Refinance Information


santa clara county

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san mateo county

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santa cruz county

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monterey county

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san benito county

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san francisco county

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alameda county

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contra costa county

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California Mortgage | Montara 650.377.0222 | License # 01344525
777 Mariners Island Blvd. Suite 125, San Mateo, CA 94404
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Additional Montara Information:
Montara is a quaint beach community on the Pacific Ocean, just north of Half Moon Bay on the scenic highway 1. There’s a mountain range between Montara and the craziness of the Bay Area suburban sprawl. If you think you can’t afford a house near the beach, think again! We have all sorts of creative loan programs that will get you into the house you want. In Montara, there are all types of lots from which to pick: large and small, waterfront, hilltop and in between. You’ll never be bored in Montara, with all of the fun activities that you can do there. Take a stroll on the beach, go swimming or surfing, hike, bike or walk on the miles of trails in the surrounding area. The city’s commercial center is a place where residents congregate to eat, shop, people-watch and converse. There are tasty ethnic restaurants and charming neighborhood bars. Montara is also a great place to raise a family: the schools are top-notch and the streets are virtually crime-free. Not too many people know about Montara but the residents like it that way. Although they always welcome visitors and new inhabitants, they like to keep their little paradise a secret so it won’t spoil.