WHO CAN REFINANCE?
Just about anyone can refinance who has a home mortgage of 3.5 or higher.
WHAT ARE SOME OPTIONS WHEN YOU REFINANCE?
There are options when it comes to refinancing your home.
1. You can refinance to get a lower interest rate in order to drop your monthly payments.
2. Refinance to extend your loan, keep your current interest rate and pull money out of your home. This is a great option for people who could use the extra money to remodel their current home, send a kid to college, or pay for a wedding.
3. You could also refinance and use your home equity to purchase a second home or investment property that could make you money. This is a great option for people who want to own a income property as you can lock in on these record low interest rates.
WHAT IS THE PROCESS & COSTS?
The process can very depending on lender so it is important to speak with your lender(s) about information required and costs.
If you watched the video above, Caliber Home Loans has transitioned their process almost 90% online. You will have a quick call with one of there brokers to decide if refinancing is right for you. if you decide to move forward, they will require you to attach information like pay stubs and tax returns.
The process can take anywhere from 30-60 days depending on the person.
There are no upfront fees. You will be required to pay for the appraisal once they know they can get you the loan, and you know you want to move forward. There are closing costs that can range around $3,500 and these closing costs can be added into your monthly mortgage.