Refinancing

Refinancing is the process of replacing your current mortgage with a new loan offering better terms.

The reasons behind refinancing and the ways it can benefit home-owners are varied.

• Get a lower interest rate
• Shorten the term of a mortgage
• Consolidate debt
• Switch to or from adjustable and fixed rate mortgages
• Use home equity for other large expenses
• During a divorce to remove a spouse from the mortgage
• Change mortgage companies

It’s important to carefully analyze these financial choices before making this decision, and one of our mortgage professionals can take you through all scenarios based on your situation. That’s why your very first step for a home refinance is to contact us and find out what your options are.

The steps are similar to a home loan purchase:

• Gather all your financial documents for the application (bank statements, pay-stubs, tax documents, etc.)
• Our processor will request documents from you such as title reports, proof of property insurance, credit insurance, income, etc.
• Prepare your home for the appraisal (clean is always good for a first impression) – appraisal may or may not be needed.
• Things have changed slightly and Underwriters may require more documentation. Even if their requests seem silly to you, if they didn’t need it, they wouldn’t ask for it. The Underwriter is held responsible for the decision made on a loan, and they have a checklist of information to verify.
• After approval, you are clear to close and will receive a closing package and we can schedule the closing.

Understand that every situation is unique. Lenders must take steps to satisfy guidelines that were meant to protect you and others involved.

As our client, we are available to you for any questions that may come up. During a refinance with us, you receive helpful emails and videos explaining where you are in the process.

Have more questions?
Contact us and we’re happy to answer them! Call us at: 303-800-4595!