When you consider a refinance mortgage or a mortgage refinance it means you are paying off your current mortgage by obtaining a new one. People do mortgage refinance or refinance mortgage for many reasons, some include to lower monthly payments, to remove a prepayment penalty, or to get a different loan type or length. Customers may also wish to get cash out of their home which can be done with a refinance mortgage. They do this by borrowing against the equity in their home, through a mortgage refinance, and receive cash in exchange. People can use this cash to pay off credit cards, to pay for college tuition, to pay medical expenses, or even purchase another home. A question many people have is - would a refinance mortgage help you? If you own your own home, and if your home is worth more than you owe on it, then you have some equity and therefore a mortgage refinance may be a good fit. If, in addition, your monthly payments on your debt obligations (e.g. mortgage payment, credit card payments, car payments, etc.) are hard to make each month, or you can handle them, but would prefer your monthly output to be lowered then a refinance mortgage or mortgage refinance may help. Also, if you need money for a specific purpose (e.g. college tuition, wedding, medical expenses, etc.), your home equity may be able to help you out. To find out if you are eligible for a mortgage refinance or a refinance mortgage complete our no obligation loan information form.
When you consider a refinance mortgage or a mortgage refinance it means you are paying off your current mortgage by obtaining a new one. People do mortgage refinance or refinance mortgage for many reasons, some include to lower monthly payments, to remove a prepayment penalty, or to get a different loan type or length. Customers may also wish to get cash out of their home which can be done with a refinance mortgage. They do this by borrowing against the equity in their home, through a mortgage refinance, and receive cash in exchange.
People can use this cash to pay off credit cards, to pay for college tuition, to pay medical expenses, or even purchase another home. A question many people have is - Would a refinance mortgage help You? If you own your own home, and if your home is worth more than you owe on it, then you have some equity and therefore a mortgage refinance may be a good fit. If, in addition, your monthly payments on your debt obligations (e.g. mortgage payment, credit card payments, car payments, etc.) are hard to make each month, or you can handle them, but would prefer your monthly output to be lowered then a refinance mortgage or mortgage refinance may help.
Also, if you need money for a specific purpose (e.g. college tuition, wedding, medical expenses, etc.), your home equity may be able to help you out. To find out if you are eligible for a mortgage refinance or a refinance mortgage complete our no obligation loan information form.
Through a refinance mortgage or mortgage refinance you can replace high-interest debt with a loan that has a lower interest rate. But a mortgage refinance or refinance mortgage can also be done in order to switch from a fixed to a variable rate, or vice versa, or to eliminate a balloon payment. Cash-out refinancing through a refinance mortgage or mortgage refinance is one that involves you paying off your loan and borrowing an additional amount. The entire loan amount is secured by a lien on your home.
Here are the refinance mortgage and mortgage refinance steps that occur between days one and three. You complete a refinance mortgage loan application. The mortgage refinance loan application is called a 1003 form. Once you fill that out, your credit report is pulled. You must then supply the following:
If you work for a company, you'll need to provide:
- Your name, present address and social security number.
- Two (2) previous years' W2s.
- Two (2) most recent pay-stubs.
- Your current mortgage company's account information.
- Insurance declaration or agent's name.
If you are self-employed, you'll need the following:
*Two (2) years worth of tax returns for both personal and business.
If you file your taxes as stated income you'll need the following:
*Two (2) years of business licenses.
Within 3 days of your refinance mortgage application, after you have submitted all the required mortgage refinance paperwork, you will receive a RESPA package. This package details the approximate costs associated with applying for your loan.
Later on in the mortgage refinance process the underwriter reviews the loan package to determine whether the refinance mortgage loan is approvable. If more information is needed to make a decision, the loan is put into suspense and the additional information is requested from you. It is very important that you respond immediately to any request for additional information at this point in the loan process. If you don't, you may risk delays in closing, thereby not receiving your money in a timely manner. If you are interested in learning more about a mortgage refinance or a refinance mortgage please fill out our no obligation loan request form.
