Mortgage refinance

(Top 3 reasons homeowners refinance)

Refinancing your home mortgage(s) is a big financial decision. The #1 hindrance to doing a traditional refinance is home equity. How much equity have you accumulated? This depends on the appreciation of your home & what it appraises for.

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Common reasons to refinance your mortgage:

  1. I need to lower the interest rate on my mortgage or second mortgage. This could include converting an adjustable rate mortgage to a fixed rate mortgage.
  2. I need to refinance to a similar rate but consolidate credit card debit or other high interest loans. Lowering your total monthly payments could save you hundreds monthly. Remember that you are refinancing into a 30 year mortgage (most of the time).
  3. I need to refinance to a similar rate but get cash out for home improvements (and/or) credit card consolidation.

I need to refinance my mortgage – so… what’s next?

Refinancing your mortgage is a big decision and weighing the benefits is extremely important.

Complete our online mortgage refinance application. A team member will then reach out to have a follow up call with  you to discuss your exact situation.

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Have questions? Feel free to call us at (419) 350-8420


What are the steps to refinance (6 simple steps).

 

First…

Complete our online application. 

This is not the full refinance application but it is a great start. All we need to start is basic information to assess whether your mortgage is eligible to refinance. We don’t want to pull credit or order an appraisal if you have other financial or work related road blocks. Our goal is to paint a good picture so that the underwriter accepts your credit, work history, and appraisal when it goes through the underwriting process.

Ok. Now what? Second…

One of our Top Rated Mortgage Bankers will give you a call to review the online application and gather a few additional details. This will assist us in seeing the complete picture. This is the stage where we will review your credit with you.

Third…

We’ll send you a digital mortgage application for you to sign. This will include your new interest rate and new monthly payment. Or, we can do a paper copy. Whichever you are most comfortable with. Now, during the mortgage application we will collect these basic documents.

  • W-2s
  • Paystubs
  • Drivers License
  • Bank Statements (if necessary)
  • Collect the payment for the appraisal

Are we done yet? Fourth…

We wish! Next is ordering the appraisal and the title. This could take 5-7 business days to complete. When we have the appraisal we will then call you to review it in detail. Now we can gather your entire file and paint the best picture to the underwriter.

Fifth… (refinance mortgage)

Underwriting. This is that pesky time when I call you and ask for that random thing you haven’t thought about in 2 years! Normally these underwriting items are simple to clear up and we can get a clear to close.

FINALLY… Sixth.

Once we have a clear to close the refinance process moves to the title company (or attorney) for closing. We will call you to schedule the closing. This normally happens 3 to 4 days after the clear to close due to Federal regulations.

NMLS 2334