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General Questions about Refinancing

How do I know if I should refinance?
If your interest rate is higher than current rates or you’re looking to consolidate debt, refinancing may be a good idea. Talk with one of our experienced loan officers to go over all of your options.

How often can I refinance?
There is no limitation to how many times you refinance, however we do require a certain amount of time between appraisals. This typically applies to cash out refinances. Contact us to discuss in detail.

Can I refinance if the value of my home is less than I owe?
There are certain situations when this is possible. Contact a loan officer for more details about possible options.

Can I refinance to remove the private mortgage insurance (PMI) on my loan?
Refinancing may help you get rid of PMI if the new loan balance will be less than 80% of the home’s value. Contact a loan officer to learn more.

What happens to my current home loan when I refinance?
When you refinance your home, in effect, you’re paying off the current loan using funds from the new loan.

Can I refinance to take cash out of my home equity?
Yes. In fact, a cash-out refinance is a popular option for homeowners to pay for home improvements, take advantage of lower interest rates, or consolidate debt.

How can I consolidate debt while refinancing my mortgage?
Depending on your situation, you would apply for a cash-out refinance and use those funds to pay off high-interest, unsecured debts with a lower-interest mortgage loan. Contact a loan officer to learn more.

Home Mortgage Loan Refinancing Process

What documents are needed to refinance?
You can greatly speed things up by having your recent pay stubs, bank account statements, tax returns (W2s and/or 1099’s), your credit report, and proof of outstanding debts (student loans, car loans, alimony, child support, credit cards, etc.) ready.

Is an appraisal required to refinance?
It is possible to refinance without an appraisal however in most cases it’s required. Contact a loan officer to see you qualify for an appraisal waiver.

How long does it take to refinance?
Time can vary but we’re proud to offer closings usually within 30-45 days of application.