Understanding the Refinance Application Process
If you think a refinancing of your home loan might be in the future, it is worth taking the time to understand what may be involved. Much as with your original loan, you will be required to fill out a refinance application to help qualify for your new mortgage.
There are, however, differences in applying for a refinance mortgage. Much of the information you used on your original loan will be the same on your refinance application, especially if your mortgage is less than two or three years old. However, planning for the process will make a lot of difference to you when it comes to the programs available and the interest rates you pay.
Preparing for Your Refinance Application
When you are considering a refinance for your home, you will want to understand the costs, the trade offs, and the types of loans available. When you call and visit with one of our experienced lenders at Paramount Equity, they can explain the standard costs for a refinance.
With that knowledge, your Paramount agent can help calculate the payback period and whether or not a refinance may help you meet your financial objectives.
When you complete a refinance application, you may learn about current refinancing loan options offered through the various agencies such as:
- FHA Streamline Refinance Program. While you still have to complete a refinance application for this loan, you may avoid the cost of a new appraisal. Your current loan must be insured by the FHA, and there are other qualifications.
- Home Affordable Refinance Program (HARP). This is a great program if your current home is worth less than your mortgage.
- USDA Rural Development Housing Loans. If your live in a rural area, this USDA program may be a way to refinance.
The mortgage professionals at Paramount Equity are ready to help you complete your refinance application when you call today.