Refinance Application

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.

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.