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California Mortgage Refinance Lenders
Why would you refinance your California mortgage to a balloon mortgage? Registration with ApplyOnTheWeb.com gives you immediate access to our advisors who can provide answers to questions like this. In essence, balloon mortgages are short term loans that operate like longer-term fixed rate loans. A balloon program gives a low interest rate at the beginning. The monthly payments are low, but the payment only applies toward the interest. The "balloon" is the principal, which is due at the end of the term (five or seven years).
Do you know for sure you'll be in your house for a certain period of time? Perhaps you're planning to move in two or three years. A balloon mortgage refinance would be perfect for you, since you'll sell your home before the principal becomes due. Balloon mortgages are also available as interest-only packages. You can refinance to an interest only loan if you want to significantly lower your monthly payments.
Lenders often give a conversion package option at the end of the balloon mortgage term. For example, your loan may convert to a 30 year fixed-rate mortgage, with a guarantee of a particular interest rate (often the market rate, or market plus a portion of one percent).
When you register at ApplyOnTheWeb.com, we immediately provide you with the names of competitive lenders who have loan packages that will work for you. If you're interested in a balloon mortgage, we can help you find out more. Register today at www.ApplyOnTheWeb.com. Registration will also enter you in our $500 Home Depot Gift Card drawing.
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