
Dos and Don’ts for A Smooth Mortgage Loan Process
In order to close your loan quick and to provide the best service possible we suggest following this list of Dos and Don’ts
Coronavirus (COVID-19) Update
The health, safety and well-being of our customers, employees and communities continues to be our top priority. At this time, our branch lobbies will be available by appointment only. We encourage you to use our drive-thrus, which will be open during normal business hours, online and mobile banking and our ATM network. You can schedule an appointment by calling your local banker. Read more.
Categories:
The answer to this question is highly personal and has many layers to think through in order to answer. Defined below are some common types of refinance and also some reasons why one may be something to consider.
This allows the borrower to shorten their term, improve their rate (or both). It also can be done to consolidate a first and a second mortgage that were used to purchase a home or to consolidate a first with a variable HELOC that has not had any draws in the last 12 months. A rate/term refinance allows the optimal rate typically to accomplish these goals.
This can be utilized for debt consolidation in general, cash-out for home improvements, or paying off higher interest debt that also may be variable. This will most typically have a slightly higher interest rate than a rate/term but the tangible benefit may be significant enough to make sense to do so. Surprisingly, the rate on this scenario can also be lower than your current rate.
Each situation can be very different which is why there is no real “rule of thumb” to answer exactly when refinance can/should be considered. It is important to sit down with a knowledgeable mortgage loan officer to evaluate needs.. You want to ensure that a refinance transaction has a strong tangible net benefit to help you make this important decision.
Reach a member of our mortgage team.
Tags:
In order to close your loan quick and to provide the best service possible we suggest following this list of Dos and Don’ts
Home buyers often ask about rates and timing. Let Chris, our Mortgage Manager, fill you in on both subjects.
Learn what pre-qualification is and how it might help you buy a new home.