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

Do you like sight-seeing? Then Redding, California is the place for you. Home to the Sundial Bridge at Turtle Bay (completed in 2004), Redding is home to thousands and thousands of turtles. The bridge connects the north and south campuses of the Turtle Bay Exploration Park. Both Redding and its neighbor to the south, Red Bluff, are popular with tourists who travel from all over the world to use the cities as bases to explore Lassen Volcanic National park, Lake Shasta and other natural attractions in the region. As of the 2000 Census, Redding is home to 80,865 people. And you could be the
80, 866th.

If you think that you might want to buy a home in Redding, then the first thing you will need is a mortgage. Unless of course you just happen to have a couple hundred thousand dollars lying around. Or maybe you already own a home in Redding and simply want to lower your monthly payment. Your existing mortgage could provide you some extra spending cash to help you get out of debt in the form of a home equity loan. Here’s a little to help you with getting that mortgage or to help you understand what your existing mortgage can do for you.

The Mortgage

There are actually several types of mortgages available to you (you can ask your lender for the specifics on all of your options). For the purposes of getting a basic understanding mortgages and how they work, you really only need to be familiar with two of them:

• The adjustable rate mortgage is self-explanatory. The interest rate is adjustable, based on things that are outside the control of the home buyer. The main advantage to this type of loan is that the initial rate is lower than most other loan packages, allowing the initial house payment to be substantially less. This is a good option for the home buyer who doesn’t expect to stay in the home for the entire term of the loan. This way, he can sell before the adjustment period is up.
• Like the adjustable rate mortgage, the fixed rate mortgage is also self explanatory. The interest rate remains fixed from the first payment to the last. This is for the home buyer who doesn’t suffer from wanderlust and expects on living in the home for the next 30 years.

The Refinance

If you already live in Redding, and are just looking for a better interest rate, your best option is to refinance your mortgage. After all, everyone wants a lower payment. A mortgage refinance loan is simply another loan designed to pay off your existing mortgage. This gets you new, more favorable interest rates and thus, a lower monthly payment. You’ll also have to decide whether you want to cash out the existing equity you’ve built up in the house. You may need this cash at your new closing.

Home Equity Loan

A second option if you already have an existing mortgage in Redding is a home equity loan. A home equity loan is sort of like a mortgage refinance loan, but instead of using the loan to pay off your existing mortgage, you can use the money for virtually anything you want. Remember, now you are going to have an extra bill to pay each month on top of your house payment.

Pre-Approved Loans

And finally, if you want to take your time and really research what’s available to you, a pre-approved loan is literally money in the bank. Pre-approval is popular for two reasons: 1) It lets you know what you can afford.

2) It lets sellers know that you are serious. Sellers are more likely to choose a buyer who has financing already in place. There’s less of a chance of the deal going south at closing.

Whether you’re looking for a mortgage, a home equity loan, or simply want to refinance your home in Redding, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.

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Last Updated: Tuesday, May 22nd 2012