The most popular reason to refinance your home is to lower the mortgage interest rates but there are actually several different reasons for someone to look into refinancing. Below, we are going to highlight some of the benefits of refinancing your loan. Refinancing: High-Interest Rates If your current interest rate seems like it might be…
Categorized: Refinancing
The Cost to Refinance My Mortgage The cost to refinance a mortgage depends on a wide range of factors, including, but not limited to the loan program, loan amount, loan term, location of the home, credit score, loan-to-value, debt-to-income, and current market conditions. So, when you ask yourself “should I refinance my mortgage?”, you will…
Refinance & Reduce Your Balance Faster: Refinance and reduce your balance to a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. EXAMPLE: After five years of payments on a 30-year loan of $200,000 at 4% you would pay $19,706 in principle vs. $17,105 on the…
The Application: After determining that refinance will be beneficial for you, we can start the application which is very similar to the original application once you bought the house. Your loan officer will collect the initial documents which could consist of assets, income, and other verification. Processing: Next, it’s getting the processing started which is…
