Refinancing your mortgage? What to expect.

With interest rates at sustained all-time lows, there is no time like the present to refinance your mortgage.
Here’s what to expect:
 
Applying. The process is relatively straightforward; however, knowing some key information– including the value of your home, how much you want to borrow, income, amount of house taxes and insurance – can ensure the accuracy of the new loan estimate. Keep the verification information like the last mortgage statement, pay stubs, tax returns, bank statements and home insurance information handy, but we will ask for it only after you had a chance to review our fee estimate and decided to proceed with the transaction.
Processing and Underwriting. Your home will be appraised, as a means of determining its value, and your credit and financial data will also be assessed and verified.  By doing so, we’ll be able to determine whether or not you’re eligible for the new loan.
Closing.  If all goes off without a hitch, you’ll move on to this step – whereby your new mortgage is initiated, through the reviewing and execution of all loan documents. Your “old mortgage” is paid off, and your new loan is activated.
While the process, on the surface, appears direct, you should not take it lightly as there is no “one size fits all” when it comes to home mortgages.
Assess “why” you’re looking to refinance in the first place. Do you want to reduce your monthly payment? Do you need to shorten the term of the loan? Would you like to free up cash for other needs?
Whatever your personal case may be, contact one of our mortgage professionals. They can help you assess your goals, recommend the right loan product for you and your family, and initiate the process that will bring you one step closer to fulfilling your objectives in the New Year.