Refinance Questions & Answers
Can I opt for an FHA loan when I refinance?
Yes, you are not required to have an existing FHA loan in order to refinance your existing loan to an FHA loan . Just be prepared to show that you qualify under the FHA underwriting guidelines and loan limits. If you do happen to have an existing loan, FHA offers an "fast track" refinance process which is less costly, quicker and easier than the regular refinancing process.
How long do I need to be in my home before I can refinance?
The good news is that you can refinance anytime you like. The only catch is that you may need to consider the varying restrictions and limitations on any prospective program, but that shouldn't stop your application, provided you are eligible.
I am looking into refinancing my mortgage, but not sure if and how it could affect my credit score. Should I be concerned...?
In most cases, this should have no effect on your credit score, but should you use cash generated from your home to pay off any outstanding debts, this is likely to have a positive effect on your credit score.
When is the best time to refinance?
This is entirely dependent on what your needs are. First determine if your need for refinancing is to tap into your home's equity, take advantage of rate fluctuations or simply to improve your monthly cash flow. Once you identify the purpose, take your time and shop around.
If I apply online, will my information be secure?
Yes, the lenders you will find through this site use the most secure, encrypted online application forms available. Whether you use Firefox, Opera, Microsoft Internet Explorer or other popular browsers, they should be compatible the lender’s online form
What types of loans are there?
There are many types of loans you can get. They range from adjustable rates to long-term fixed rates. To see which program is right for you, fill out the short form on this site and a Loan Specialist will contact you with your options.
Will I be charged extra or hit with buried fees for applying online?
No, again if you’re dealing with a reputable lender, all fees are disclosed up front.
When will I find out if my loan is approved?
It usually take anywhere from 24 hours to three days for most loan applications. However, some loans will fall outside those parameters.
If your loan is approved, a Loan Specialist will contact you, usually via email to spell out the terms of your loan. If your application is not approved, you’ll receive a letter in the mail describing the reasons why.
I filed for bankruptcy recently, can I still apply?
We’ve seen all types of credit and all types of financial situations. We have a wide range of loan options and experts who can structure a loan package to meet your particular needs. So no matter what your credit, we should be able to find a lender who can approve your loan.
Do I need to know the exact amount of the loan I need before I apply?
No. We will help you find out the exact payoff amount of your original loan.
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Refinancing’s big question– Fixed or ARM?
With interest rats so low, refinancing is very popular these days. But there are several refinancing options out there. For example, you can choose a fixed rate or an adjustable rate mortgage. A fixed rate mortgage is typically either 15 or 30 years and the interest rate will stay the same for the duration of the loan. An adjustable rate mortgage (ARM) means that after a certain period - usually of 3 or 5 years, your interest rate could change (yes, usually upwards). If you don't plan on staying in your home for the longer than 3 to 5 years, a 5 year ARM or a 3 year ARM can be a great choice for you.
Get Cash from Your Home
Yet another benefit to refinancing is that it can help you put some extra money in your pocket to use as you wish. Here's how it works: when you refinance, you can tap into the equity that you've built in your home and take "cash-out." So you actually refinance an amount larger than your current loan's payoff amount and take the "overage" as cash. This is a easy way to get money for remodeling your home, paying off high-interest rate bills, or sending your kids to college, whatever you like.
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