Based on your responses, we think you may be interested in the following loan:

Finding a lower mortgage rate translates to more cash in your pocket every month. What you choose to do with it is up to you.

For example, say you have a 30-year loan with a 6.5% interest rate which you’ve been making the monthly payment on for three years and has a loan balance of $100,000. Refinancing at even a 5% interest rate on a 30-year loan would save you $114 per month and save $28,770 in interest.

If your goal is to lower your monthly mortgage payments, consider a longer loan term than your current mortgage. You may pay more in interest over the life of the loan and it may take you longer to pay off your mortgage, but it can provide you with more financial flexibility each month.

With that in mind, however, remember that significantly lowering your monthly payment with a longer loan term may increase the total cost of owning your home, over the long term.

Step 1: Getting Started

During this step, you will want to work with a loan professional to help you review the options available to you and determine what will best suit your circumstances and needs.

Step 2: Completing Your Application

Now it's time to complete your application. Things like your credit may be pulled and paperwork is collected from you to confirm employment and income as required. Don’t worry, these are things you already have handy like pay stubs, tax forms, etc. Depending on the loan you move forward with, you may receive a Loan Estimate (LE) within 3 days of completing your application, which will give you a complete and detailed breakdown of the costs associated with your loan.

Step 3: Bringing It Together

This step includes combining your application with the documents you have provided. We’ll review these items and may require additional paperwork depending on the type of mortgage. If an appraisal is required, it will be ordered during this stage.

Step 4: Reviewing the Facts

In this step, your application and supporting documents will be evaluated in detail. If necessary, we will verify your income and assets, and check the guidelines to make sure we have thoroughly completed the evaluation.

Step 5: Meeting the Criteria

Some applications may meet the initial loan criteria but still need a few more items to move it forward. If this is the case with your application, you’ll be hearing from us to explain what’s needed.

Step 6: Getting to the Finish Line

This is the final step in the mortgage process. You will be hearing from us about any remaining details so we can each make sure we have everything we need. Additionally, if a Title company is needed, they will set up a meeting for you to come in and sign all required closing documents. You will be provided a Closing Disclosure in advance of your closing that, like the loan estimate you got at the beginning, breaks down all the associated costs and elements of your mortgage.

Step 7: Done!

Congratulations! Your refinance is complete.