refinance your california home mortgage

If you took a fixed-rate mortgage anytime in the past year, you ought to look at rates again. You might get a new loan for 1 percent to 1.5 percent less. The loan might even be tailored to your personal risk profile.

People with imperfect credit histories can get reduced rates, too, as many reliable lenders are currently vying for that business. Closing costs on a new or refinanced loan could run to $5,000 or more.

Whether thats worth it depends on how much youll save each month and how long youll stay in the house. Some lenders minimize your interest rate but pick up extra money by charging higher closing costs.

At this writing, the averages are running at 7.3 percent for a 30-year fixed loan, 6.8 percent for a 15-year fixed and 6.5 percent for a one-year adjustable, according to HSH Associates in Butler, N.J. You dont have to refinance a one-year adjustable mortgage.

It declines by itself on the loans anniversary date, without your having to pay new closing costs. Over the past two years, one-year adjustables have risen by anywhere from 1 to 1.4 points.

pared with fixed rates over that period, theyve been a terrific deal. Many borrowers avoid adjustable loans because they dont want their rate to rise.

But adjustables should cost less in the long run, as long as inflation remains controlled. So far, Ive been talking about mortgages with average rates.

Its paring them with new-style loans that adjust your rate to the level of risk your loan presents. The idea of tailored rates took root when mortgage lenders started using credit scores to judge how creditworthy you are.

Your score sums up your credit history -- how many credit cards you have, how much youve borrowed and how fast you pay. Credit bureaus pute your score, although mortgage lenders may use systems of their own.

The score is added to information about your e, job, down payment and net worth. In most of the industry, high-scoring people are granted loans at standard rates.

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