Refinance Your Mortgage
There are multiple reasons you may want to refinance your home such as: lower interest rates, lower payments, or money for home improvements. You can rest a little easier by refinancing your mortgage to free up some extra cash. Our mortgage experts will help you navigate the waters of a mortgage refinance, and we have some excellent options to get you on the right path.
We'll try to help you answer two fundamental questions:
- Can you refinance based on your home's equity, appraised value, income and credit profile?
- Should you refinance? Will there be a sufficient interest or payment savings to make it worthwhile for you?
It's important to know if refinancing will benefit you, and put you in the best option available. Sometimes a better alternative of having money for home expenses is a Home Equity Loan or Line of Credit.
- Often a very good refinance option
- Can offer lower interest rates
FHA Streamline Refinance:
- May not need an appraisal
- allows for an unlimited loan-to-value ratio
VA Interest Rate Reduction Loan (IRRL):
- No appraisal or credit underwriting package is required when applying for an IRRRL.
- An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by building costs into the new interest rate
At the initial appointment, we will order a credit report so that we may determine your eligibility for mortgage loan programs. Also, please come prepared with the following:
- 30 Days or most recent Paystub
- 2 Years of Annual Tax Returns and W-2’s
- 2 Months Most Recent Bank Statements to verify down payment as needed
- Divorce/Separation Agreement
- Child Support
- Social Security Award Letter
- Pension Award Letter
- Copy of Diploma (if employed less than 2 years)
*For your convenience, we can offer to receive these via email or fax.