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Refinance

When you need to refinance, Loan Allies will show you the way.

What Does it Mean to Refinance?

Refinancing means replacing an existing loan with a new one. Before you refinance a home, it’s important to understand the process, to know what questions to ask, to research refinancing options, and to understand how refinancing would benefit you. At Loan Allies, we will help and inform you through each of these steps in the process.

No cost and low cost refinance options are available.

Why Do People Refinance?

Refinancing is a great tool that helps homeowners pursue goals and improve their finances. Refinancing can be done anytime during the life of your loan, so don’t hesitate to research your options.

Lower Rates and Monthly Payments

If your interest rate is higher than the average market rate, refinancing might be a good option for you. A lower interest rate would decrease your monthly payment. 

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Switch Adjustable Rate Mortgage to Fixed Rate

An adjustable rate mortgage loan can be a great tool for first time home buyers, but over time, it could cost more. Switching to a fixed rate mortgage can alleviate stress and uncertainty, since your interest rate will be locked.

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Switch Interest-Only to Fully-Amortizing

An interest-only loan can help keep your payments low in the beginning, but you aren’t paying down your principal balance. Refinancing can help you start paying off your loan, often without a drastic change in payments.

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Reduce Your Loan Term

You can pay off your home faster and score an exceptionally low credit score! 25/20/15 and 10 years available

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Consolidate High-Interest Debt

Enjoy the freedom of having a single bill per month by consolidating your debt into a home equity loan. You can use the cash from the loan to pay off high interest debt, saving you money in the long term.

Home Improvements

Using home equity to improve your home is a great way to make your money work for you. Whether you need a new deck, want to install new flooring, or you’re ready to build that dream kitchen you’ve always wanted, refinancing can get you where you want to be.

Investment Property

Leveraging your home equity to purchase an investment property is another great way to make your money work for you. Whether you want to purchase a retirement home, a beach house, or a rental, refinancing can help you achieve your goal.

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Remove MIP ( Mortgage Insurance Premium)

If you purchased your home with a FHA loan and less than 10% down, you’re paying MIP. If you have at least 10% in home equity, you can refinance to remove that extra fee you’re paying on a monthly basis.

Justifying a Refinance

Consider refinancing your mortgage to:

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Lower your interest rate.

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Remove mortgage insurance from your FHA loan.

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Lower your monthly payment.

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Pay off your mortgage faster.

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Pay off high-interest debt by using your equity to get cash.

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Convert your adjustable-rate mortgage to a fixed-rate mortgage.

Loan Allies makes refinancing simple and easy. We are happy to offer you a FREE, no-obligation consultation. We’ll help you find the best refinancing option to meet your needs.

How It’s Done

The refinancing process is very similar to the mortgage process. Here are the steps:

Step One
Step One

Prequalification

We’ll get to know you, learn about your goals and dreams for your home purchase journey, gather information about your situation, what is important to you and what you’re looking to accomplish. We’ll go over mortgage programs and rates, your assets and liabilities, and your financial history and answer any questions and or concerns you may have.

Step Two
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Step Two

Application & Required Documents

Next, we’ll walk you through the process of gathering your documents and filling out your application. Our loan application is done online and very simple and straightforward, however we’re happy to assist you should you need it.

Step Three
Step Three

Credit Report

Unlike other companies, we understand that many people don’t like to run a credit check, especially if it can be avoided. We’re different. First, we’ll review your income and assets, verifying your eligibility. Once we’ve covered the basics, and you meet the criteria to be a good loan candidate, we’ll pull your credit report, finalizing your qualification so you can receive your approval letter. Don’t have great credit? Don’t worry, we aren’t all or nothing. We’ll work with you to address any issues that need to be corrected to maximize your chances of success.

Step Four
Step Four

Getting Your Pre-Approval Letter

Preapproval letter is issued after the examination of your income, assets and credit score. The letter will include what loan programs you could be approved for, how much you can borrow and what your interest rate may be.

Step Five
Step Five

Find Your Dream Home

With the help of a trusted realtor, you begin looking for THE ONE–the house that will become your home! Next, submit your offer and get your offer accepted. If you need a real estate agent we can refer you to a few knowledgeable realtors that will take good care of you.

Step Six
Step Six

Loan Estimate

This document explains your estimated interest rate, monthly payment, closing costs for your loan, and other important loan details

Step Seven
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Step Seven

Processing & Underwriting

Once we have all the necessary paperwork and have completed the necessary prequalification steps, we’ll submit your file to the lender. The lender will begin carefully processing and verifying your documents to issue an initial approval. Once deemed acceptable, the loan is marked “approved.”

Step Eight
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Step Eight

Initial Approval

If you meet the initial requirements, the lender will issue a conditional approval, which means you’re approved as long as you provide further requested documentation. We will work with you to gather any documents
requested from third parties on your behalf and explain which documents are required to be provided by you and how to acquire them.

Step Nine
Step Nine

Home Inspection and Appraisal

The property will need to be inspected for potential problems and appraised to assess the value of your intended property. Your realtor will order and schedule the inspection on your behalf and we will order the appraisal through a third party. Once the appraisal is ordered you will receive a link via email to pay for the appraisal; after the payment is made the assigned appraiser will reach out to the homeowner/s in order to schedule a time and gain access to the property to conduct the appraisal.

Step Ten
Step Ten

Final Approval

The lender will conduct a final review for all the requested documents initially and additionally and will issue a final approval, which means we’re ready and clear to close!

Step Eleven
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Step Eleven

Closing Disclosure

The Closing Disclosure will be provided to you about three business days before closing or even prior. It gives you final details about your loan, including loan terms, your estimated monthly payments, and your closing costs.

Step Twelve
Step Twelve

Closing

After the final approval, the title company will schedule a time for you to go in and sign your closing documentations. The title company will also provide payment instructions for your cash to close, which include your down payment, pre-paid items: taxes, insurance and closing fees which include third party fees, such as appraisal, title feel, transfer fee and more.

What are closing fees?

Step Thirteen
Step Thirteen

Move In Day!

You’ve made it! You’re now a homeowner. Congratulations!

What Documents Do I Need to Refinance?

*Required docs doesn’t have to be a pdf can be written as content

• Government-issued photo ID
• Social Security card
• SSA-89 (authorization to release SSN verification) if applicable
• Tax returns
• Pay stubs, W-2s, or other proof of income
• Bank statements
• Proof of assets
• Proof of earnest money
• Credit history
• Award letter (SSI, child support, welfare, alimony) if applicable
• Retirement/investment income if applicable
• Residence history (either renters history or mortgage payment history)
• Employment history
• Credit explanation letter if applicable
• Bankruptcy information if applicable

(for owned properties)

  • Most recent mortgage statement
  • Proof of homeowner’s insurance
  • Property taxes documentation

Depending on your employment situation and type, you may also be asked for further documentation.

Schedule a Free Consultation

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