Want to refinance your existing home?
Refinancing is a process bearing many of the same steps that you followed to get your original purchase mortgage. Depending on the type of refinance you choose, you may encounter a few additional steps and different expenses.
You will be required to complete a loan application. The application assesses your financial situation, credit history, the property value, the amount of equity in your home and other data.
Depending on the specific refinance program, some or all of the following information will be needed:
• Employment and income
• Debts and assets
• Account numbers and balances for savings, checking and other financial accounts
• A title search
• A copy of the site survey
• An Appraisal
• Current monthly payment
• Outstanding mortgage balance
• Status of property tax and insurance payments
• The lender's contact information
• Time and Costs
Some fees you paid during the closing on your original mortgage will be charged during a refinance.
These may include:
• Application fee
• Title search and title insurance fees
• Appraisal costs
• Loan origination fee
• Discount points
• Prepayment penalties (not all mortgages have prepayment penalties)
Sometimes a new appraisal is not necessary. Some fees and closing costs may be waived. Some refinance fees can be negotiated.
No Cost Refinance
A no cost refinance avoids paying the above fees by rolling the fees into the loan and usually charging a slightly higher rate than if you were writing a check for the fees at closing.
Our in-house automated underwriting allows us in many refinance cases to provide a loan approval decision in minutes. Not only does this save you time, it also saves you money because we may be able to waive appraisals and other items normally required as part of the refinance process.