I WANT TO REFINANCE.
Have questions, but not sure if you are ready? We can help!COMMON REFINANCE QUESTIONS
1. WHY REFINANCE?
Refinancing can be used to lower your payment, pay off a mortgage sooner, or to take additional equity out for home improvements, debt consolidation, or other needs.
2. DO I HAVE TO PAY CLOSING COSTS?
Yes, there will be costs associated with doing title work, an appraisal, and setting up the new escrow account.
3. DO I HAVE TO HAVE AN APPRAISAL?
Whether an appraisal is required will be dependent on the lender and the loan type. In most cases, a new appraisal will be required.
4. HOW QUICKLY CAN WE CLOSE
In most cases, you can close on a refinance in less than 30 days.
5. WILL I SKIP A MORTGAGE PAYMENT?
If your closing/funding date is timed properly, you could look at delaying your first mortgage payment an extra month.
6. DO I HAVE TO SET UP A NEW ESCROW ACCOUNT?
In most cases, you will need to set up a new escrow account and the lender that holds your existing mortgage will refund you what you have in their existing escrow account.