Refinance Mortgage Process

Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity. Top reason to refinance are:

Better Interest Rate

That is the most common reason for refinancing. If mortgage interest rates have fallen since you took out the mortgage loan, you can often save money by refinancing you mortgage into a new home loan at current low rates. Or you might be eligible for a lower rate because your credit situation has improved.

Reduce your Monthly Payments

With a lower interest rate, you can get lower monthly payments if you keep your payoff date the same. You can also lower your monthly mortgage payments by extending your payoff date past what it currently is, so you’re paying less in principle each month.

Take Out Equity for Investments

With a cash-out refinance, you can borrow against your home equity to obtain funds for any purpose. You receive a check at closing, the amount of which is added onto the mortgage principle you owe. Since mortgage rates tend to be lower than other types of debt and are tax-deductible, it’s a very cost-efficient way to borrow.

Switch to a Fixed Rate

If you currently have an ARM (adjustable-rate mortgage), you may want to refinance to a fixed-rate loan to lock in your rate for the remainder of your mortgage. That way, you don’t have to worry about your monthly payments increasing if rates rise.

Reduce Loan Terms

If you started out with a 30-year home loan, you can refinance to a 15-year fixed-rate mortgage after a few years. This will allow you to pay the mortgage off faster and save a lot of money in interest over the life of the loan. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so you may be able to shorten your term without a big increase in your monthly mortgage payment.

Consolidate your Debts

You can use a cash-out refinance to pay off your other debts to save money on interest and reduce your total monthly payments. Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save big on interest payments.

Refinance Mortgage Rates

We can get you the best refinance interest rates for a variety of mortgage products, and learn how we can help you reach your home financing goals and needs. Our network of banks are ready to compete for your business.

Our goal is to get you the best deal, the best rates and your loan approved!

FAQ’s on Refinance Mortgage

To qualify for a refinancing:

  1. There is no waiting period to refi for a Conventional Mortgage Loan! However if you want to do a cash-out refi, your name should be on the title of your home for a minimum of 6 months.
  2. You have 20% equity or more in your home. There are exceptions though, so talk to us!
  3. Your DTI (debt-to-income ratio) is less than 50%. Don’t worry, we’ll help you calculate it.
  4. You credit score is at least 620 for a Conventional Refi and at least 580 for an FHA

There is no waiting period to refinance a Conventional Mortgage Loan! However if you would like to get some money out and do a cash-out refinancing, you will need to wait a minimum of 6 months.

To refinance FHA loan with an FHA Streamline Refinance loan, you have to wait a minimum of 210 days.

You should have a Credit score of at least 620 for a Conventional Refinancing and at least 580 for an FHA Streamline refi

We know it could seem overwhelming to decide what to do with you Mortgage. Should I refinance my home now or should I wait? We will look at your unique situation and advise you on the best course of action possible.

How Does It Work?

Simple Hassle-Free Process

It starts with a no hassle and no commitments phone, text or email conversation. Everyone’s situation is different and our experts will analyze your needs and wants and help get you the BEST property loan possible.

Get a Free Rate Quote

Safe & Easy

We are a 5 star Google-rated company and have processed millions of dollars in loans in the U.S.  Our safety and security standards help you get the best Loan terms available.

1. Initial Consult

Complete our simple Application

2. Receive Options

Receive options based on your unique criteria and needs

3. Compare Rates

Compare mortgage Interest Rates and Terms available

4. Choose Offer

Choose the offer that best fits your needs

Benefits of Our Process

As experienced loan officers we have the knowledge & expertise you need to explore the many financing options available for you make the right choice for your property mortgage loan needs.

  • Over 200+ Bank Network to Work With

  • Human Expert Loan Review

  • 5 Star Rated Broker Built on Trust

  • Various programs for all buyers and investors.

  • Foreign National Buyers for US Mortgages.

  • We Sit and Discuss the Best Loan Deals.

  • We’ll fight the banks for you when they’re difficult.

Other Mortgage Brokers

  • Limited Banks to Shop Around.

  • Will Choose Loans Based on Their Needs.

  • Rely to Much on Technology and Not Fight for you.

  • Script based boiler room operations for quick buck.

  • No International buyer programs or don’t want to deal with them.

  • Take No from banks and underwriters to easy and don’t fight for you.

Have a Unique Situation?

We’ve helped thousands of borrowers no matter the issues.

Get a funding consultation

The Process

No hassle, No Commitments, No Spamming from us. We’ll walk you through the process.

Contact

Call/Text: (754) 262-8080

Email: [email protected]

Open Hours

Monday – Saturday: 8am – 6pm
Sunday: 11am — 4pm

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