California Refinance 2021It’s no secret that mortgage interest rates have been at historic low levels in recent months. However, many homeowners in California still haven’t taken advantage of the potentially huge savings. Last month alone, Modern Lending borrowers saved on average $350.00 per month on their monthly mortgage payments!

There are misconceptions surrounding refinance, below we will clarify some of the most popular.


  • Do you need to have a minimum of 20% equity before you are eligible for a refinance?  No!  in fact, most of our borrowers refinance with less than 20% equity. Even if you have 10% or 5% equity a refinance could make sense. This is especially true for homeowners that currently have an FHA loan. Even though mortgage insurance (PMI) will likely still be required when switching from FHA to Conventional, the PMI rates on Conventional loans are much lower. Lower interest rates together with reduced PMI rates can result in huge savings.
  • Do you need to have your mortgage for years before you can refinance? NO! In most cases, homeowners that paid their mortgage on time for as little as 6 months have refi options available to them.
  • It takes a lot of out of pocket money to refinance?  False, nearly all our clients last month paid $0 out of pocket costs. In fact, many received money back to them in the form of escrow account reimbursements from their previous loan servicer.  Modern Lending is proud to offer NO appraisal or Lender fees on most refinance programs.

Modern Lending is proud to offer numerous refinance options to homeowners in multiple states. Please learn more in the video below and reach out to us with any questions.

Call us anytime 7 days a week! Ph: 844-4-Modern or just click on the Apply Now link to get started. 

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