It’s a great time to refinance your mortgage with low rates and a strong economy. To make the decision and process easy, here’s a complete step-by-step refinance guide for 2019.
For those that may not be as familiar with refinancing, let’s start with a simple definition. Refinancing means replacing your current mortgage or loan with a new (preferably better) mortgage or loan. Your refinanced mortgage pays off the loan of your current lender and you subsequently begin making new payments to your new lender. It does take some understanding and work to make this happen, so let’s review what to consider when you’re first deciding to refinance and how to best accomplish it once you decide to take the first step.
To begin, it’s important to know why you want to refinance. Your reasons will most likely dictate not only whether you want to refinance but the type of loan you will want. Here are some of the main reasons people refinance:
Now that you’ve decided you want to refinance, let’s make sure that it will be a good decision. Here are three strong indicators that refinancing may be a good fit for you.
You’ve determined that it would be financially advantageous to refinance – so now what? Here are the FOUR KNOWS you should have to maximize your savings.
You’re ready to refinance! Here is a list of things to get ready that will make the application process run smoothly.
Once you’ve provided the necessary information for the mortgage application, the lender will want an objective third-party appraisal of your home to ensure the money that will be lent will be supported by the facts and value of the home. Here is what’s important:
At Starboard Financial, once your information is collected, we will provide you a loan estimate and then begin processing the loan for underwriter approval. We take care of the whole process and make it easy for you every step of the way to your closing date helping you understand all of the necessary closing costs. We also make it possible for you to sign documents before the closing date for your convenience. Because we have one of the fastest turnaround periods of 10 days to close versus industry average of 30 or more days, our clients have less to worry about.
At Starboard Financial, we believe a mortgage or refinance should be easy, and we guarantee it for our clients. Please let us know how we can help you with your mortgage and refinance needs. Check out our latest rates and offerings to see how much you can save by contacting us.