REFINANCE LOANS
CASH OUT
LOWER PAYMENTS
DEBT CONSOLIDATION
HOME IMPROVEMENT
15 YEAR LOAN 
LOWER INTEREST RATE
ARM TO FIXED RATE
IMPROVE CASH FLOW

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Two Kinds Of Refinance Loans
FULL DOCUMENTATION loans require the borrower to document income and savings sources with paystubs, W2 tax returns and bank statements.  These loans have the lowest rate and fees
OWNER OCCUPIED loans are for the borrower's primary residence
NON OWNER OCCUPIED loans are for rental properties 
LOWER PAYMENTS
HOME IMPROVEMENT
Reasons To Refinance
www.billvarney.com
RATE AND TERM REFINANCE:  A Rate and Term refinance pays off your existing loan(s) on your property and the closing costs.  No cash is given to the borrower
CASH OUT REFINANCE: A Cash Out refinance is a loan that pay off the exsiting loan(s), the closing costs and gives cash back to the borrower
Types Of Refinance Loans
SECOND HOME loans are for your vacation home
#1 Question:  Does It Make Sense To Refinance ?

Throw out everything you've heard about when it makes sense to refinance.  This easy calculation along with a guess as to how long you'll live in your home can give you the right answer:
REFINANCE FORMULA:
1.  FIND OUT THE CLOSING COSTS AND PAYMENT OF YOUR NEW LOAN

2.  SUBTRACT THE NEW PAYMENT FROM THE OLD PAYMENT

3.  DIVIDE THE MONTHLY SAVINGS INTO THE CLOSING COST OF THE NEW LOAN

4.  THIS IS THE NUMBER OF MONTHS IT WILL TAKE TO RECOUP THE COST AND TRUELY HAVE A MONTHLY SAVINGS

5.  DIVIDE BY 12 -- THIS IS THE NUMBER OF YEARS IT TAKES TO RECOUP THE COST
FOR EXAMPLE: If the closing costs ( without interest, taxes or homeowner's insurance--because you have to pay these anyway) is $1200.00 and you save $100.00 per month then it will take 12 months to recoup the cost ($1200/$100 = 12months).  If you plan to live in the home 5 years you'll save $4800.00 over that time (48month of savings x $100.00/month)
Please call me if you have any questions 
Bill @ (714) 377-9001
or email me @
bvloans@mail.com
Bill Varney is a Broker licensed by the California Department of Real Estate license 01208311  NRMLS 344109

Bill Varney, Mortgage Broker
Information on this page is for educational purposes only.  Specific questions for real property transactions and credit items should be directed to your attorney, tax preparer and C.P.A..  Copyright 2011, reprint by permission only
LOS ANGELES/ORANGE CO
Conforming Loan Limits 2013
SFR   $625,500
2 Unit $800,775
3 Unit $967,950
4 Unit $1,202,925
bvloans@mail.com
(714) 377-9001
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