Refinance with Help From Metro Detroit’s Most Trusted Personalized Lender – With Offices in Dearborn and Bingham Farms, MI
Let’s Break It Down - What to Know Before Refinancing
To make a home purchase achievable, people pursue mortgages. Between climbing interest rates and unstable economic factors, making payments on your mortgage may be more difficult than you had thought.
With these factors in mind, loan borrowers may be looking for ways to save when it comes to their home loans. One option is refinancing. Refinancing a mortgage loan can reduce monthly payments, or reduce the interest payment over the duration of the loan.
There are a few reasons homeowners my want to refinance their loan, from saving money, to consolidating debt, to earning more on an investment property.
Andy can be your trusted source when considering refinancing. He can find low rates that could save you hundreds or even thousands of dollars over time.
Documents Needed To Refinance:
Before you decide to refinance, you need various documents that are required during the application process. Those include:
- Homeowners - Verifies that you have enough current coverage for your home
- Title Insurance - Helps lender check the taxes, names on the titles and legal description of the property.
Information such as your credit scores and credit reports.
Monthly Debt Load:
Credit cards statements, student loan statements, auto loan statements, etc.
Documentation of all financial assets, other than your home, such as stocks, bonds, 401Ks, savings accounts, etc.
You will need documentation for a current appraisal of the house.
Loan to Value Appraisal:
Your lender may ask you how much your house is worth compared to what you owe on the existing loan.
The Benefits of Refinancing with Andy Elder
Refinancing essentially means that you’re applying for a loan all over again. However, this time it comes with some benefits. When you refinance, you will be saving money on your monthly mortgage payments which can lift some burden off the homeowner if they’re having trouble paying the loan. If an owner decides to change from a 30-year mortgage to a 15-year mortgage, the could be possibly saving hundreds or even thousands of dollars of interest over the duration of the loan.
If a homeowner decides to refinance an adjustable-rate mortgage into a fixed-rate mortgage, this can provide the security of an interest rate that is locked down and stays the same over the loan term. Also, their new monthly mortgage amount will stay the same as well over the duration of the loan.