When is Refinancing an Option?

refinance

When you have a mortgage on your home and then apply for a new loan to pay off the existing one you are refinancing. When considering a refinance it is important to first determine whether the amount you save on interest balances the amount of fees payable upon completion of your new loan. Homeland Financial Network Inc. Inc. offers a FREE CONSULTATION to determine if refinance is the best option for you and your family. Simply fill out the form below to be contacted by a mortgage professional.

Step one: Should you refinance?

There are many situations where refinancing your home loan can be of great benefit to you. From saving thousands on interest, consolidating debt, to tapping into your homes equity to complete home improvements. Refinancing could be the solution to your problems. Complete the Contact Form below to receive a FREE analysis from one of our finance experts or use one of our Loan Calculators to see if the numbers make sense for you to even consider refinancing right now.

Step two: Be aware of the dangers of mortgage refinancing

As with many industries bad eggs do exist and the mortgage finance community is no different. There are dishonest brokers out there who will put their personal profit ahead of your financial well being. To assure that you do not fall in with one of these “bad eggs” it is always best to check their licensing status with the Department of Real Estate or Department of Corporations.

Step three: Learn how to pick the best mortgage broker

In order to receive the best possible refinance terms available it’s best to work with a licensed, honest broker that genuinely has your best interests in mind. Licensed brokers follow a strict code of ethics and are closely monitored by the state to assure best practices are consistently maintained.

Step four: Understand the different mortgage loan types

Home loans come in many different shapes and sizes. Each home loan program serves a different purpose. What loan is best for you depends on your unique situation; for instance flexibility and having the option to repay your mortgage faster may be more important to some homeowners than having stability in their repayments. Read our list of the most common Home Loan Programs to better understand your options.

Step five: Loan Submission and Process

Once you’ve decided on the type of loan that best meets your needs and picked a licensed brokerage to process your refinance; expect to pay for an appraisal on your home and to provide copies of the following;
1. Copies of your last 2 years tax returns.
2. Copies of your most recent year to date paycheck stubbs.
3. Copies of your homeowners insurance policy or an agents name and number.
4. Copies of any bankruptcy paperwork including all schedules and/or discharges.
5. Copies of any Divorce Decree, proof of child support, alimony, etc.
6. Copies of any awards certificates for Social Security income or pensions.
7. Your most recent (2) months bank statements.