HOW DO REFINANCES WORK?

Maybe you’ve been in your home for a few years now, and things have changed. Interest rates may have fallen lower than they were when you financed your home, or perhaps your financial circumstances have improved due to being more established in your career. Either way, your current mortgage is a little more pricey than you would like, or maybe you have a couple mortgages that you would like to consolidate.

To understand refinancing, you have to take a step back and examine how a mortgage loan works. When you first got a loan to buy your home, your lender financed your home loan - they paid a lump sum for your home, and in turn you agreed to pay off that debt in monthly installments in the form of your mortgage. Now, refinancing means replacing your existing mortgage loan by taking out a new loan to pay off the first one.

We can help you identify your refinancing loan options. This process works in the same way as it did when you got your original mortgage. You provide us with financial documents detailing your income for the past couple of years, and we help you fill out a loan application. If you qualify, we authorize a loan under specific terms that allows you to refinance your old loan, allowing you to take advantage of lower interest rates and better repayment terms.

HOW TO REFINANCE

Go ahead and schedule a call with me or fill out our contact form, so we can talk and make an appointment to meet with you. Then, we’ll review your current loan, discuss your reasons for financing, and identify some refinance options that may be right for you. After selecting a loan, we’ll begin the process of helping you apply for a refinance loan.

Just like when you applied for our original mortgage loan, we’ll need some information from you showing how much income you have, your financial assets, any debts you have, and so on.