Refinance FAQ | Questions about Refinancing - Cash Out - Rate and Term Apply Now

All you need to know about Refinance

Refinancing QuestionsFor all queries, reservations and concerns regarding refinance, please view our FAQs section as follows:

When should I Refinance?

When determining whether to refinance or not, the best thing to do is to consider your circumstances and evaluate any reasons as to why a refinance is in order. Some of the most common reasons for refinancing are when:

  • You need to convert an adjustable loan to a fixed rate loan
  • You need to pull out cash from your equity for debt consolidation purposes
  • You are in need of cash for home restructuring and capital improvements
  • Your main objective is to reduce your interest rate and installments

Refinancing is important when you’re converting an adjustable loan into a fixed one.

Although such a conversion raises your interest rate initially, there are no further Apply to Refinance Now increases involved. When debt consolidation is concerned, your overall loan balance and payments may go up, but you can eliminate all monthly obligations. Contact a licensed loan officer at Lendem Financial.com before making the final decision.Start your Pre Approval



Refinance FAQs

How much can Refinancing help Save?

It really depends upon the circumstances of your case. If your current interest is higher than the prevailing market rate, refinance is a better option and makes sense.

The amount saved will depend upon the difference between the previous and the revised interest rates. For all practical purposes, it is best to talk to our team or use our calculators to determine the cost- saving incentives, if any, for refinance.



Is refinancing possible with a second mortgage on home?

In a typical arrangement, second mortgages are often paid off by means of refinancing. Lendem Financial.com consolidates both the loans into one first mortgage so as to make only one payment a month.

If you wish to keep your second mortgage unaffected, we can negotiate with the second mortgage lender to allow us to refinance the first loan without any repercussions on the second one. This process is also known as subordination and involves a marginal fee.



How much does Refinancing Cost?

All fee associated with refinancing tends to vary from lender-to- lender. However, there are certain expenses all lenders charge. These include 3 rd party fees such as title, notary, credit report, escrow and other recording fees. Appraisal and lender fees, including processing and underwriting charges, also apply.

daily-refinance-rates-thompson-kane-mortgage-loanIf you decide to pay points to lower the interest rates, each point costs 1% of your revised loan amount. Apart from the closing fees, there are other pre-paid costs for interest, homeowners insurance and property taxes involved.

If you have sufficient equity in your new home, you can easily add up all pre-paid costs and fees to your new loan.



Are there any documents required for refinancing?

For a standard refinance transaction, certain information regarding your income is necessary. This includes W-2s for the preceding two years and paystubs for the most recent 30 days, bank and/or mutual fund statements up to the last 60 days, asset information and loan information.

Other documents, such as homeowner’s insurance declarations and mortgage statements may also be required. Contact Lendem Financial.com to learn more about the documents needed.



Is it possible to refinance on bad credit?

There are several loan options offered to individuals with a bad credit report, owing to the reasons as to why the credit report is unimpressive. To learn more about refinancing on a bad credit report, contact any of our loan officers today and determine which loan program you qualify for.



Refinance Fixed Rate Mortgage LoansCan refinancing truly lower the rate to at least 0.5%?

When it comes to refinancing, there is no rule-of-thumb with regards to interest rates and credit periods. Switching to fixed loans, from adjustable loans, results in higher interest rates.

In contrast, restructuring home equity for debt consolidation and structural improvements reduces overall monthly outflow. Hence, refinancing does not necessarily bring the interest rate to as low as 0.5%, but there may be some cases where the statement holds true.

Call us today and find out more about such instances.



How long does refinancing take?

Most of the refinance transactions take nearly 30 days to complete, from the date of submittal of all necessary documents and records. Lendem Financial.com offers a smooth and easy loan process that allows us to close all loans much faster than the industry turn-times. Once you have submitted all the documents, you can rest assured that your loan closing will take place within 30 days of your initial application.



What is Loan Closing?

The loan closing date is when your loan application has been fully processed and all your loan documents are ready to be handed over to you. This requires a signature from you, which can be done either at your home, an attorney’s office or an escrow office. This signing will take place in the presence of a signing authority. You also need to submit a cashier’s check to pay the closing fees and all other closing funds needed to complete the transaction. For any further queries, please contact us today!



Refinance - Why Should You Refinance Your Home - Mortgage Loans Colorado

Questions about Refinancing Your Home Cash out / Debt Consolidation and what your best options and rates can be... contact us online or call ‪(970) 585-4546

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Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.