Dan Moralez.com - Michigans Premier Home Loan Source

	Frequently Asked Questions - Refinancing
	Frequently Asked Questions - Refinancing
	Over the last few years, we have refinanced thousands of clients in West Michigan. In this section of the website, we have tried to address the most common questions we have received. If you have a question or concern that we did not address, please feel free to contact us. Feel free to use our refinance breakeven calculator for a detailed examination of the numbers.


	What will my costs be to refinance? Can my closing costs be included in my new mortgage? How do I apply and what information will you need from me? Do I need to call to check the status of my loan?	How long will it take to close? Can I lock in my rate? Where do I start? Can I relock if rates decrease?


	What will my costs to refinance be? Your costs will vary depending on loan size and whether or not a new appraisal will be required. Generally speaking, it is not necessary for us to obtain a new appraisal if you are not increasing the amount of your mortgage AND you are a previous client of ours. If you are planning on getting cash back at closing, paying off other debts or are not a previous client, you will need to have a new appraisal done. In most cases, an appraisal will cost between $275 to $300 dollars. We will be happy to determine your exact costs for refinancing if you contact our office. Click here for our contact information. -return to top- Can my closing costs be included in my new mortgage? Yes, in most cases. If you purchased your home with no money down or if you had a small down payment, it is possible you may not be able to roll your costs into the new mortgage. Additionally, in some cases it may not be advantageous to include your closing cost as it can result in PMI (Private Mortgage Insurance) becoming necessary. We will let you know if it is an option to roll your costs into your mortgage. -return to top- How do I apply and what information will you need from me? Best of all, because you are a previous client, we are able to really save you a lot of time. We will obtain a copy of your last application and will call you on the phone to update your information -or- you can jump start the process by using our online application by clicking here. Then you will simply have to provide us with the following information: Copies of the last 2 pay stubs for all applicants. Copies of last years W-2 forms for all applicants. A copy of your most recent checking/savings account statement(s). A copy of your current homeowners insurance policy and survey for your home. Please drop off, fax or e-mail this information to us. Our confidential fax number is (616) 395-3639 and is available 24/7. -return to top- How long will it take to close? Depending on volume, closing may take anywhere from 2 to 4 weeks. Please keep in mind that the more information we receive from you (see checklist above), the faster and easier the process will be for you. Please continue to make your monthly payments on your current mortgage until we call you to schedule your closing. We will call you to schedule a closing once we have obtained final approval on your mortgage. -return to top- Can I lock in my rate? Yes, you can lock in your interest rate. Generally speaking your rate lock is good for 45 days. This means that your closing must take place within this 45 day period. Failing to close within your lock-in period can result in a higher interest rate. -return to top- Where do I start? Get a head start by using our online application. Click Here to start your application. In order to lock a rate you will need to call us. You are NOT locked in until we confirm it with you. We cannot lock your rate until we receive your application. Upon receiving your application and your request to lock, we will confirm your rate lock with a fax or an e-mail. -return to top- Do I need to call to check the status of my loan? You are always welcome to call. In addition, we will send you a weekly update with the status of your loan. If we need any additional documentation or information from you we will contact you. Otherwise, continue with "business as usual". We will contact you once we have your final approval and are ready to schedule your closing. -return to top- Can I relock my rate if rates decrease? Generally speaking, you cannot renegotiate the terms of your lock-in once you have locked in. In times of extreme market movements, we may from time to time allow you to renegotiate the terms of your loan for a fee. Our goal is to provide you with great rates and service. -return to top-


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Frequently Asked Questions - Refinancing