Joanne Valverde NMLS# 202704 - Los Angeles, CA
There are many beneficial reasons to refinance your mortgage: locking in a lower interest rate, possibly changing the length of your loan term, or converting from an adjustable-rate to a fixed-rate mortgage.
Before jumping in, here’s what you need to know about the refinancing process.
Your mortgage lender will do a credit check to determine if you qualify for mortgage refinancing and what your new interest rate will be for the new loan.
Your lender may need documentation to support your application, such as recent pay stubs, outstanding debts, and information about your current mortgage.
Every lender has different loan financing products, so it’s advised to shop around for the best refinance interest rates and loan packages.
Once you submit an application to have your credit checked and provide income information, you may be pre-approved for refinancing.
Your lender may provide an estimate of closing costs and fees so you can determine if it makes financial sense to move forward. Refinancing closing costs may include an application fee, title insurance, lender’s attorney fees, loan origination fees, and other administrative fees.
Send over all supporting documentation to see if you qualify.
Your home will need to be appraised by an approved appraiser to determine its value. You may potentially increase your home’s appraised value by making any small repairs and cleaning up the space.
Once all paperwork is submitted and the loan is approved, you’ll receive a Closing Disclosure form to sign and send back to your lender. Then you will sign the loan documents.
Our team looks forward to exceeding your expectations through our streamlined & simple loan process.No Hassle Consultation