today's california rates

30yr Fixed to $417,000 (Conforming)
Rate: 3.875%	APR: 4.12% (2.5 pts)
Rate: 4.375%	APR: 4.42% (0 pts)
30yr Fixed to $729,750 (Conf/Jumbo)
Rate: 4.375%	APR: 4.44% (0.5 pts)
Rate: 4.5%	APR: 4.54% (0 pts)
5yr ARM to $417,000 (Conforming)
Rate: 2.875%	APR: 3.37% (1.65 pts)
Rate: 3.375%	APR: 3.59% (0 pts)
5yr ARM to $729,750 (Conf/Jumbo)
Rate: 3.0%	APR: 3.47% (1.65 pts)
Rate: 3.625%	APR: 3.59% (0 pts)
5yr ARM I/O to $5 million (Jumbo)
Rate: 4.125%	APR: 4.06% (0.75 pts)
Rate: 4.5%	APR: 4.15% (0 pts)
7yr ARM to $5 million (Jumbo)
Rate: 4.625%	APR: 4.35% (1.5 pts)
Rate: 4.875%	APR: 4.55% (0.5 pts)
APR Assumptions: 740 + FICO, SFR, Rate & Term, Primary, CA, Impds, 417k (1 mil Jumbo)
Current as of: 07/16/2010, 10:00am

Little or no equity?

You may still be able to refinance and lower your rate through the government's Home Affordable Refinance Program (HARP). Click Here

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resources

All applications and disclaimers are available below for download.

	Residential Loan Application
	Servicing Disclosure
	Mortgage Loan Agreement
	Fair Lending Notice
	Equal Credit Opportunity Act

California Refinance

Securing a new mortgage to pay off existing loans or to take cash-out is known as refinancing. There are many reasons why an individual may choose to refinance. Refinancing may allow individuals to obtain lower interest rates and payments, pay off their loans more quickly, and liquidate equity. Whatever your goals are, IPL Mortgage is here to help you accomplish them.

When refinancing a mortgage and comparing multiple lenders, it is important to compare all costs associated with the transaction to truly determine who is offering the best deal. Not only are IPL Mortgage's rates and fees amongst the lowest in the industry, but so are the escrow and title services we've negotiated. Below are tables showing our escrow and title rates compared with the industry average:

Escrow Fees, all loan amounts:

Our Rates

Industry Average

Escrow/Closing Fee

$525

$550

Doc Prep

$125

Notary

$150

Courier

$45

Title Insurance:

Our Rates

Industry Average

Loan Amount

Premium

$0 - $250,000

$300

$450

$250,001 - $500,000

$450

$750

$500,001 – 750,000

$550

$1050

$750,001 - $1,000,000

$660

$1,250

$1,000,001 - $1,250,000

$760

$1,500

$1,250,000 - $1,500,000

$860

$1,700

$1,500,000+

Call

Below is a list of the most common types of refinancing:

Cash-Out Refinance
The proceeds from cash out refinance may be used to pay off debts, purchase other property, pay for college tuition, or fund home improvements. A cash-out refinance can be executed in several ways, the most common being taking out a new first mortgage with a higher loan amount, or by opening a home equity line of credit (HELOC) which can be executed as second mortgage behind the homeowner's first California mortgage. Choosing the appropriate cash-out refinance option is important and will depend on market factors and the homeowner's unique financial situation.

Rate and Term/Limited Cash-Out Refinance
Rate and Term refinances allow homeowners to pay off an existing California mortgage only. These funds cannot be used for things such as home improvement or to purchase an automobile. Second mortgages that are at least 12 months old and do not have draws or advances exceeding $2,000 in the past 12 months are classified as rate and term refinances for Jumbo loans, but are considered cash-out refinances for conforming loans.

Similar to a cash-out refinance, the proceeds from limited cash-out refinance can be used for multiple purposes. However, homeowners will be limited in the amount they can borrow. Homeowners can borrow enough to pay off their California mortgage debt and either 2 percent of the loan amount or $2,000, whichever is lesser, for other purposes such as home improvement.

Investment Property Refinance
Refinancing a California mortgage on an investment property can be beneficial in several ways. Investment property refinance may allow property owners to leverage the equity in their property, decrease monthly payments, and increase cash flow to the property owner. Property owners may be able to increase their investment property profits through a cash-out refinance or by lowering their mortgage rate and monthly payments. Through an investment property refinance, property owners may be able to purchase additional investment properties. IPL Mortgage currently allows up to 10 properties to be financed.

Conforming Refinance
A conforming refinance is undertaken when refinancing a loan amount that falls at or below HUD’s designation for conforming loan limits (currently $417,000). Depending on the county where your property is located, homeowners can borrower up to $729,750 as HUD has enacted temporary loan limit increases in certain counties. Loans that fall between $417,001 and $729,750 go by several different names: super conforming, conforming high balance, conforming jumbo, and conforming plus. Loans that fall between these loan ranges are generally priced a little higher than those that are at or below $417,000.

Jumbo Refinance

A Jumbo refinance is a type of loan that is appropriate for homeowners who need to borrower more than the conforming loan limits allow in their county. These loans are considered non-conforming loans and often have higher interest rates. This is because the jumbo refinance amounts are in excess of conforming loan limits and therefore cannot be securitized on the secondary market in the same way.

IPL mortgage prides itself on offering an array of Jumbo products, all aimed at providing the most value to our clients.