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Redwood Shores Refinance Information - Cash Out Refinance

Another way to make a Redwood Shores 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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Additional Redwood Shores 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 | Redwood Shores 650.377.0222 | License # 01344525
777 Mariners Island Blvd. Suite 125, San Mateo, CA 94404
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Additional Redwood Shores Information:
Redwood Shores is literally on the shore of San Francisco Bay, just south of Foster City. There is a gorgeous lagoon that flows throughout the city, providing it with recreational opportunities and scenic views unmatched in the Bay Area. The community was well-planned and developed in the 60’s and 70’s, making it fairly new. All types of housing units are offered, including houses, condos and apartments. There is a wealth of employers in Redwood Shores including Oracle, Nikon, Emery Worldwide and other tech companies. There are plenty of restaurants and entertainment activities within the city, too. Redwood Shores Lagoon, Dog Park and Pacific Athletic Club are just a few. Redwood Shores has its own elementary school and middle school while it shares a high school with Belmont. Don’t bother looking anywhere else; Redwood Shores is the perfect Bay Area town in which to make your home.