Are you ready to lower your monthly mortgage payment? Could a refinance be the solution you’re looking for? No need to wonder! Our team is ready to help you explore your options and help plan a financing solution that works for you. We’ll help you not only ask the right questions but identify the best financial plan to fit your goals.
1. Ask questions.
Ask yourself a few questions to get the process started. Start simply with . . .
- What was the market like when you initially purchased your property?
- Are you comfortable with your monthly payments?
- Are you happy with your current interest rate or do you have the potential to qualify for a lower one?
- Do you have an additional debt to consolidate?
- Has your credit improved since applying for your last loan?
2. Start your research
What exactly is a refinance? During the refinancing process, borrowers take out a second loan on the original mortgage rather than creating a brand new mortgage. Again, the application process will assess the borrower’s qualifications. Borrowers will be given an updated rate quote based upon their qualifications and the state of the market. Lowering the rate on the loan is ideal to help save money in the long run.
3. Speak with your mortgage professional.
Our team is dedicated to helping you create a plan for your financial future. We work alongside you to help set and meet goals tied to your real estate investments. Your loan officer will help walk you through your options to select a loan program that sets you up for success.
4. Securing your new loan.
Now that you’ve spoken with your loan officer and selected your loan program, it’s time to submit your application. Your paperwork will be reviewed. In the meantime, coordinate a time to schedule an appraisal and make the necessary preparations for the underwriting process.
5. Close your loan!
Your refinance has been approved! In order to move into the funding phase, you’ll be required to have the following documents ready for the final closing procedures:
- Driver’s license or government-issued ID
- A check made out for the total amount of closing costs (if requested)
- Your Closing Disclosure
- The phone numbers of your agent and lawyer in case any questions should arise
If you have any questions about starting a refinance, contact us today! Our team is always happy to assist.