When interest rates are lower than your current rate, you may be tempted to refinance. Here are a few reasons you might benefit from refinancing your current mortgage.
When rates decline, it may be a great time to refinance. Many lenders suggest that if you can save 1% it may be worth refinancing. For some mortgages a rate reduction of even one percent can lower the monthly payments by a few hundred dollars.
Pay Off Your Home Faster
Reducing your loan term may allow you to pay off your mortgage faster.
You may be able to use your home's equity to pay for major purchases, make home improvements, or take that vacation of your dreams.
Rolling multiple mortgages into one can help simplify repayment and possibly save you thousands along the way.
Refinancing your home is easy with these six simple steps:
Talk to a Royal Charter loan officer about your goals. They will help you understand your needs, set expectations, and most importantly, discuss your options with you.
Your Royal Charter loan officer will have you complete an application to refinance. Typically they will request tax returns, bank statements, and pay stubs to get the process started.
A written analysis prepared by a qualified appraiser estimating the value of a property.
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.
Once conditions of your loan have been satisfied, your loan will be approved. A Closing Disclosure (commonly referred to as a CD) is sent. You must receive this at least three business days before signing your final documents.
Once you have signed your loan documents, there is a three-day waiting period. After this three-day waiting period, the loan is eligible for funding!
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