Life changes &
so can your loan
A lot has changed since you bought your home. Interest rates vary, your equity increases and your financial priorities shift. Refinancing with a new loan and terms is a smart move that your Loan Officer can help explain.
Questions to Ask Before Refinancing
Refinancing can be a good option if your goals are to lower your payments or shorten the length of your loan. You don’t have to wait for low-interest rates to achieve these goals. Reviewing your goals with your Loan Officer is an important step. They will help you determine if refinancing is the right solution for you.
A higher credit score generally results in a lower interest rate. A better score will put you in a better position for refinancing, but your credit is only a piece of the puzzle. It’s essential to review the whole picture with your Loan Officer.
Investing in the improvement of your home is a great reason to consider a cash-out refinance. Maintaining and remodeling can increase the value of your home. Your Real Estate Agent is an excellent resource for this. Some examples are finishing your basement, remodeling your bathroom, or replacing your gutters.
Your Loan Officer will review your financial information and determine if refinancing is the best option.
You will submit a loan application.
Your Loan Officer will gather your financial information, loan pre-qualification and provide the initial disclosures based on your loan terms.
This process will also include:
In the days leading up to settlement, you will be sent final documentation about your loan, including the Closing Disclosure. You must review, sign, and return the paperwork a minimum of three days prior to your scheduled closing date.
Your Loan Officer or team member will tell you the amount of money you need to close on your home.
What happens on Closing Day:
While Prestige Home Mortgage services many of our loans, it is possible servicing will be transferred. You will be mailed a notification that designates your mortgage servicer. If you have any questions, you can always contact (800)960-7107.