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Refinancing your mortgage may offer many benefits, but keep in mind that when you refinance, you are replacing your existing mortgage with a new one. This means a new rate, new loan term, and possible closing costs. If you have a clear understanding of the refinancing process, it can help you evaluate whether or not it would be a good solution for you.
Good reasons to refinance include:
Mortgage rates have fallen significantly lower than your current rate
Your home has substantially increased in value
You want to replace an adjustable rate with a low, fixed rate loan
You want to reduce the term of your loan
Rates are attractive and you are looking to get cash out for some purpose
You will want to gather your income documentation, monthly obligation information, asset documents, and current mortgage statement. This way you can be sure that you and our mortgage professional are making an analysis on accurate information.
Our experienced mortgage professionals can provide you with valuable advice about the refinance process and your best refinance options.
We can help you find the right loan for your needs, explain mortgage rates and discount points, and help you to consider all of your financing options.
After we help to determine if, indeed, a refinance will be to your advantage, then we will step you through the application and loan process. Get started now by contacting us and speaking with an experienced mortgage professional or submit your online request.
We will be preparing your file for loan approval. Once you have decided on the right program with our assistance, you will have program pre-disclosures to review and we will gather the items from you that will be needed for underwriting review. We also coordinate with escrow and title to get all items necessary for approval. An appraisal of the home is completed to determine current market value.
Next, a conditional approval will list any items that are needed prior to final approval and loan documents being issued by underwriting. We coordinate with all parties to get these last items completed.
Upon final approval, your loan documents are forwarded to escrow to sign along with all other escrow items.
Once loan documents are signed and your loan is cleared for funding, your mortgage funds are disbursed. Escrow/Title then records the transaction and “closes” the transaction.
At this point in time, your refinance is completed. Escrow sends you any money proceeds that you are due.
We will be there for you every step of the way and beyond….