- Is refinancing too good to be true?
You will always experience short term savings. But since your mortgage is extended you will be paying more in the long term. But you will be saving money up front, so that will help negate some of the cost in the end.
- How do I know how much equity I have?
Subtract the value of your house by the amount of your mortgage.
- How can I speed up the mortgage process?
The process can only be complete when all the proper information has been acquired. So make sure you have everything you need when you begin the process. Then everything will go smoothly.
- What is my best down payment option?
Well, usually this will be based on your credit score. The general rule of thumb that lenders want to see is a 20% down payment.
- Will the mortgage process be defined by my credit score?
It will, sorry. Your interest rates will generally be higher if you have a poor credit score.
- Wait! So if I have bad credit I won't be able to get a mortgage?
No, don't worry. You still can get a mortgage, it may just be a little bit more difficult. But we will help you in any way we can to make sure the process is efficent.
- When is the best time to refinance?
When the current market interest rate is less than 2% of your current rate. That is what you need to look for. But if you ever feel you have a better chance to save money then look into it. The main goal is to save you money whenever you can.
