California Mortgage Rate Reset

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Rate Adjustment:

Is your California mortgage rate about to reset after a 5, 7 or 10 year fixed rate period?  If so don’t worry; thousands of Californians are in the same situation every year.  Adjustable rate mortgages are a mortgage product in which the rate adjusts or “resets” after a fixed period time.  That’s different from a fixed rate mortgage which has a fixed rate during the entire life of the loan.  As you know you obtained a break on the rate for going with an adjustable California mortgage rate when you purchased or refinanced your home.  But now you’re facing a mortgage rate reset; so here are some options.

Spanish home in California

Your Rate Might Not Go Up:

When you obtained your current mortgage, California mortgage rates were probably super attractive considering the 30 year low we’ve seen since 2008.  But now you might be looking at a reset so does that mean you need to refinance?  Nope; you actually might not see a bump in rate at all.  The key thing with a California mortgage rate reset it to know your margin and your index.  Add those two together and that will be your reset rate for the next year (if you’re rate adjusts every year).  Many homeowners chose to stick with the mortgage they have for many reasons especially if the new mortgage rate is attractive.

JB Mortgage Capital, Inc.:

Next option is to do a California refinance with a new fixed rate mortgage or a new adjustable rate mortgage.  Make sure you obtain 2-4 quotes and don’t forget to contact JB Mortgage Capital, Inc. at 1-800-550-5538 for a no obligation and no cost quote.  Another option is to sell the property if you are looking to upgrade to a new home or downsize to something smaller.

Current Mortgage Rates:

If you are looking for current mortgage rates we have you covered on our current mortgage rates page. We’ll not only keep you up-to-date with where mortgage rates are at but also cover important bond market information and general economic news that may influence mortgage rates.