There are plenty of reasons why homeowners decide to refinance their mortgage loans. By refinancing, homeowners can expect lower monthly payments, new interest rates, or longer repayment periods. Regardless of your goals, refinancing offers many benefits for you to enjoy.
Refinancing is the process of replacing your existing mortgage with a new loan. People often do this to obtain a lower interest rate, lower monthly payment, or convert their adjustable rate mortgage to a fixed rate plan. Some homeowners refinance to obtain excess cash to cover home repair costs, pay off debts, and save on monthly payments. Regardless of your goal, the process is similar to a typical loan application which means you need to submit your financial documents again for approval.
Refinancing a mortgage requires you to submit necessary financial documents like you did the first round with your old mortgage. Browse through the different mortgage plans and compare the interest rates and terms to select the most ideal plan for your needs. Compare the new loan with your existing one and analyze how its terms can benefit you. If your current credit score has improved since the first loan, the chances of you obtaining more favorable terms are high. Take note of the closing costs and decide if you are able to commit to the new mortgage terms before you refinance.
Stockton Mortgage offers reliable financial services that have assisted residents from 17 states, including Georgia, Indiana, Kentucky, Michigan, Ohio, and Tennessee to access cash. We are made up of a team of experienced underwriters with access to a Borrower Intelligence System.