Guide to Refinance, Mortgage,
& Home Equity Loans in
Ashland, California (CA)

Ashland , California is located in Alameda County and included a population of just below 21,000 residents in the U.S. Census year of 2000. Ashland is in the San Francisco-Oakland metropolitan area. Ashland, California is just 14 miles from Oakland and 22 miles from San Francisco. Alameda County was formed in 1853 from Santa Clara and Contra Costa counties. The word “alameda” means “where poplar trees grow,” and when the early explorers saw a river in the area with so many beautiful trees growing around it, that is what it reminded them of.

How would you like to relocate to beautiful Ashland , California ? If you currently have a home and mortgage in Ashland, have you looked into your refinance options lately? Perhaps a lower interest rate is available now than exists on your current mortgage. If you have been paying your mortgage for a few years, then you have equity built up in it, and perhaps a home equity loan is what you need.

The Mortgage Process

The first thing you need to do is find a lender to help you work through the mortgage pre-approval process. By getting the pre-approval process started early, you will be ahead of the game on the rest of your paperwork. To have your paperwork ready and handy for your lender, you should gather copies of the following:

  • W-2 tax forms from the last two years (1099 forms if you are self-employed)
  • Recent pay stubs (past two months)
  • Recent bank statements (past two months)
  • Recent cancelled mortgage or rent checks (past two months)
  • Documentation proving a steady employment history

Your lender will need to run a credit check on your past financial history to determine how well you have handled your past finances. This credit check will result in your credit score. Your three-digit credit score number will be a valuable piece of information to you. Your credit score will help your lender evaluate your credit worthiness.

Next, you will need to decide which mortgage loan type will fit your needs best. Several options exist, but two of the most common and popular are the fixed rate mortgage and the adjustable rate mortgage (ARM) loan.

A fixed rate mortgage starts your loan with an interest rate that you will get to keep for the life of your loan. Regardless of the future economic climate, your interest rate will remain the same, as will your monthly mortgage payments. This is a steady and dependable loan type, and should work well with the constraints of your budget. A fixed rate mortgage has a typical loan term of either 15 or 30 years.

An adjustable rate mortgage begins your loan with a lower interest rate for the first few years. After the first few years, your interest rate can adjust according to economic fluctuations and market trends. Your interest rate could rise or fall, perhaps monthly, and so could your monthly mortgage payments. Remember, if a really good interest rate comes along, you can always refinance to a fixed rate mortgage to capture that good interest rate.

Refinance Loans

A refinance option is a lot like applying for a new mortgage to pay off your existing one. One of the reasons to refinance your mortgage is to obtain a lower interest rate and lower monthly mortgage payments. You will also be able to choose a new loan type and a new loan term. Another additional opportunity that comes with a refinance option is that you can choose to take out the equity that has built up in your home as cash to help you pay for any extra expenses you may have accumulated.

Home Equity Loans

A home equity loan option also gives you access to the equity in your home in the form of a lump sum payment. A home equity loan is also called a second mortgage. A home equity loan generally comes with a lower interest rate and shorter loan repayment term of 10 to 15 years.

If you would like more information about your refinance, mortgage, or home equity loan options, simply complete the form below.


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