Refinance


If your like many homeowners you have been thinking about refinancing your mortgage given the fact that mortgage rates are near or at record lows. In this section I will try to help you understand some of your options and how the process of refinancing works.

Refinancing Common Questions – FAQ
I get a lot of questions about refinancing and when is it worth it.  You can find answers to common questions about refinancing by clicking here.

Be Patient
In order to provide you with the high level of customized advice you have come to expect from my mortgage practice, i take great care to make sure I cover all of the details for each client without trying to have them feel I am rushing them through the process.

Help Us Help You
Maybe your not sure if you should refinance.  Having answers to the following questions will help me to help you determine the benefits to refinancing.  Not having this information doesn’t mean I can’t help you, but does makes it more difficult for me to help you determine if refinancing is a benefit to you.  Here is what is helpful for you to know when you contact me:

  • When did you purchase your home and how much did you pay for it?
  • What was your original loan amount, type (Conventional/FHA/VA/Other) and interest rate?
  • Do you have a second mortgage or any type of mortgage insurance (PMI)?
  • What is your current mortgage balance and who is the loan with?
  • Have all of your mortgage payments been made on time?
  • If you were going to sell your home today, what is your best estimate of your homes value?

Knowing this information is key to helping me help you determine what your mortgage options look like and whether or not refinancing makes sense for you.

The Next Steps
Once we determine refinancing is a benefit to you, here are the steps you need to take to proceed forward as well as the information I will need from you:

  • Complete a current mortgage application (Click Here To Apply Online)
  • Copies of your last two paystubs for all applicants
  • Copies of your prior years W-2 form for all applicants
  • Copies of your most recent bank statement (all pages, front and back, including blank pages).
  • Copy of your current homeowners insurance policy

Locking In
Locking in an interest rate is just that, locking it in.  By locking in an interest rate that is the rate you are guaranteed whether rates go higher or lower.  Once you have locked, your rate will not increase nor will it decrease.  There are no guarantees on interest rates until such time you lock in.

Your interest rate is not locked in until I have confirmed so in writing.  Sending an email or leaving a voicemail does NOT secure your interest rate.   I am not able to lock in your interest rate until such time you have paid your application deposit.  If you have not supplied us with your supporting documents (The Next Steps) within 3 business days from locking in, the bank reserves the right to cancel your rate lock or charge you the higher of the rate you locked in or current market rates.

It All Comes Down To The Appraisal
In most cases, the largest hurdle to clear in refinancing is the appraisal of your home.  Depending on your current loan type, what your home needs to appraise for can vary and will ultimately determine your ability to refinance.  The cost of an appraisal for most properties is approximately $350.00 (can vary depending on property type).  Prior to ordering the appraisal we will discuss in detail with you your options and where your home would need to appraise before proceeding.

I hope this information is helpful as you review your options for refinancing.  Please keep in mind that being prepared will help to expedite the loan process for you.

Don’t hesitate to contact me with any questions or concerns you may have.