BENEFITS OF A REFINANCE
REDUCE INTEREST RATE
A rate reduction refi can save you thousands of dollars in interest plus lower your monthly payment. In addition to reducing the interest rate, if you are currently paying mortgage insurance, you may no longer need to pay that if you have as little as 5% equity in your home. Learn more…
DEBT CONSOLIDATION
Use the equity in your home to pay off car loans, credit cards or any other debt. Consolidating debt into a fixed low interest rate mortgage can typically save a homeowner between $400-$1200 per month. Learn more…
REDUCE LOAN TERM
Refinance into a shorter term. Besides paying your home off sooner, you will save tens of thousands of dollars in interest. The most common term reduction is going from a 30 year loan to a 15 year loan.
GET CASH-OUT
Do a cash-out loan and get a check at closing. Use the funds for any purpose such as starting a business or send a loved one to college. We provide FHA, VA and Conventional cash-out loan programs. Get more information about cash-out programs.
REMOVE MORTGAGE INSURANCE
Get rid of your mortgage insurance by refinancing into a conventional loan. Learn more…
FHA STREAMLINE
Refinance your current FHA loan without having to qualify all over again. No appraisal, no paystubs, no w2’s, etc. Learn more…
VA IRRRL/STREAMLINE
Refinance your current VA loan without having to qualify again. No appraisal, no paystubs, no w2’s, etc. Learn more…
Skip a Payment
Did you know that you can skip two payments when refinancing your home! Just another bonus to help alleviate some financial stress! Of course nothing in life is free so we wont be paying the mortgage for you but we are able to roll 2 months of interest into the new loan. For example if a borrower closes in March, they will get to skip their March and April payments!
SHOULD YOU PAY CLOSING COSTS?
We typically encourage our clients to avoid closing costs if possible. By avoiding closing costs you will save equity by not adding thousands of dollars to your loan balance. Adding new escrows or limited 3rd party fees to the new loan is fine but we try to avoid lender fees as much as possible. Of course all situations are different so this will depend on many factors including how long you’re planning on living in the home. Learn more about no-cost loans…
HOW LONG DOES A REFI TAKE
A refinance usually 2-3 weeks depending on the loan type. An FHA or VA streamline refinance usually takes only 2 weeks because there is no appraisal and less documentation. Also, after you close on your refinance, we have to wait 3 days before everything becomes official. The 3 day rule is a government regulation that protects consumers in case they need to withdraw the loan after closing.
WHAT UP-FRONT COSTS ARE INVOLVED
The only out of pocket cost should typically be the appraisal fee. Appraisal usually ranges between $525-$825 depending on loan type. Sometimes a survey is required but this is very rare. Besides appraisal, we do not ask our customers to pay any credit report or application fees.
WHAT DOCUMENTS WILL YOU NEED?
Loan documents will vary depending on the loan type. Please visit the Loan Documents page to see which documentation will apply to you. Contact us if you have further questions.
