There are many different reasons a homeowner might choose to refinance their original loan.  As you determine what is right for your situation, it’s important to have a clear goal in mind of what you wish to accomplish.Home Refinance Refinance Online

Click n' Close

Common Reasons to Refinance:

Eliminate Mortgage Insurance
If your home’s value has increased enough to where your loan balance isn’t more than 80 percent of the current value, a refinance might be an option.

Pay Loan Off Sooner
In a situation where you can afford a larger monthly payment, refinancing into a shorter term will result in your loan being paid off faster. Imagine the joy of being debt free. Another benefit is that shorter term loans have lower interest rates.

Free Up Cash
If you owe less on your home than it is worth, you might consider leveraging that equity to free up cash for home renovations, debt payoff, educational expenses etc. Interest rates for borrowing against home equity are typically less than credit card rates and might be a better option.

Lower the Interest Rate
If lowering your monthly payment is the goal, an option might be to refinance into a lower interest rate. Not only does this result in paying less interest over the life of the loan, but your monthly payment will also reflect the savings.

Switching from an Adjustable Rate
to a Fixed Rate If your current loan has an adjustable rate, refinancing into a fixed rate loan will provide the stability and security of a fixed rate over the life of the loan, and it may even lower your rate and payment.

How to know if it makes sense for you.

Do your homework, keeping your goal in mind!

Get an Analysis from a Mortgage Professional
A licensed Loan Officer can help you work through the process to make sure you have all the facts before making a decision.

Consider the Cost vs.Savings
Make sure the costs associated with a refinance make it worthwhile. How long will it take for the savings to break even with the refinance transaction costs?  Will you remain in the home long enough to recoup the costs from the savings?

How Will Your Mortgage Balance Be Affected?
Consider how you will pay for the refinance costs. If they will be added to your loan balance, will this be detrimental to your goals?  Use caution when including refinance costs into your new loan amount.  Even if you are saving more monthly, you could end up owing more in the long run!

Click n' Close

State Limitations
A knowledgeable loan officer should be able to provide you with any state limitations that need to be kept in mind. He or she will compare the value of the home to the amount owed and let you know what is allowable in your state.

Home Refinance Process

Fill out a Loan Application

Complete a loan application. The Click n’ Close process makes this a snap, often in less than 8 minutes.

Have a Loan Officer Help You with a Refinance Analysis

Completing a loan application will provide your loan officer with the information they need to do an analysis on your personal financial situation.

Sign Your Disclosures

Once the application is completed, you will receive a batch of initial disclosures that you can review and sign electronically from the comfort of your home. These documents will inform you of your various rights and requirements of the loan process, as well as provide you with a snapshot of your loan details and fees.

Lock Your Interest Rate

It is CRITICAL that once you decide to move forward with the refinance you lock in your rate, as rates change DAILY. When locking the interest rate with your loan officer, you will receive additional disclosures that will allow you to review your transaction snapshot & ensure that your ultimate goal is being supported.

Appraisal

Once you sign your disclosures, an appraisal valuation will be ordered. A licensed property appraiser will make a visit to the home, take photos and generate a report detailing what they deem to be the appraised value of the property.

Review Your Transaction

Once the appraisal is back, the underwriter will complete the analysis of your transaction. At this point, your loan officer will review the loan details with you to ensure the transaction still meets your goals.

Loan Closing

After an underwriter has approved your loan, you will receive your closing documents to review and sign. These can be signed using our eClosing platform, from the comfort of your home. After your documents are signed and the title company funds the loan, you are good to go!

Finally, a process engineered for efficiency !

WordPress Themes