Do you know how the mortgage loan process works? We want you to be educated on the process so you fully understand step by step how we are going to get you in the home of your dreams. We have a unique tool built specifically to help you understand the mortgage loan process from start to finish!
Before moving forward with your application, decide if refinancing is the right move for you. Three reasons why homeowners choose to refinance their mortgage are:
If one of these reasons sounds like something you and your family are interested in, contact Insight Team to see if you qualify. We will consider your credit score, your monthly mortgage payment, the overall value of your home, and your family’s debt-to-income ratio before deciding if you qualify. We suggest having these numbers prepared and know if you’re a likely candidate before applying.
Once you know the reasons people refinance a mortgage, it’s important to identify why you might want to refinance.
Are you looking to get a lower monthly payment on your current mortgage? If yes, you may benefit from refinancing. Refinancing allows you to lower the interest rate on your monthly payment or change your current mortgage term. If you find that the interest rates on your current mortgage are causing you financial stress, or you would like to spread out your payments so you pay less over a longer period of time, refinancing can help you accomplish your goals and Insight Team is happy to help you achieve them.
What if you’re wanting to take cash out? Taking a loan out that increases your current mortgage term can help you pay off any significant debt, and will give you the freedom to make your mortgage payments over a longer amount of time.
However, if you’re realizing you don’t want to be committed to making mortgage payments for the next 20-30 years, you can refinance your current mortgage to shorten your term and pay less interest over a shorter amount of time. Sounds like a win-win, right?
Taking this information into account, is refinancing the right option for you? If so, it’s time to refinance your mortgage with Insight Team. Give us a call to schedule an appointment and begin your refinancing application. Bring your financial information, your goals, and these questions to make the refinancing process easier:
Be sure to bring important documents to the meeting, like your most recent pay stubs, your two most recent W-2 forms, as well as bank statement from the past two months.
After sending in your application, it’s time to get an underwriting and an appraisal.
For the underwriting process, our team will double check to make sure that all of the financial documents you provided match up with the requirements of the loan.
This process can take between one to two weeks, not including the time it takes to receive the appraisal. An appraisal serves as the final check to make sure the value of your home is as stated by the home sellers. Taking nearby homes into account, the appraiser will make sure you are getting a fair price on the home.
Once your refinance is officially approved, it’s closing time! When you head to the closing appointment, bring these important documents:
After you’ve officially closed on your new refinancing loan, the majority of the responsibility falls on you to make sure you’re making payments on time. Your agent will always be available to answer any questions you have or help you with options should you have difficulty making monthly payments.