The term refinancing means taking out another loan to replace the original or previous loan. The purpose of refinancing is for the borrower to receive a better interest rate on their loan.
Oftentimes, refinancing a mortgage is a good option for a borrower who has already paid off the original loan. Instead of creating an entirely new mortgage, the borrower is able to take out a second loan on the original mortgage. This often leads to lower interest rates. Refinancing is an ideal option for borrowers with good credit scores, but for those with less than stellar scores, it can be a risky action.
If you find it difficult to make high mortgage payments, refinancing might be something to consider. If you can receive a new interest rate that is better by at least 2%, it is generally recommended that you try to refinance and reduce your current interest rate.
Always double check your credit. The higher your score, the better chance you have of getting a good rate on your new loan. If you have already sent in your credit scores and have been accepted for a second loan, avoid overusing your credit cards until the deal has officially closed. Often, lenders will order a second credit check before closing.
Try to submit your final documents to your broker within 24 hours, and follow up once a week to check into the process. For any further inquires about refinancing a mortgage, Contact The Kolesar Team today!
Brendan and the team are as good as it gets! I’ve done multiple transactions through them over the past 5 years now and I guarantee you will be happy you used them.Scott Brouse
We embarked on our loan process thinking we would use an out of state loan agent we had used in the past despite our real estate agents recommendation of Brendan and team. After a couple hiccups with our other our other loan agent, we called Brendan. We were so impressed from the start with his clear communication and up front information. He, Tiffiney and Shannon remained responsive and thoroughly knowledgeable of every facet of the loan process. There were no unexpected surprises, everything that was possible was communicated from the start. We had an unbelievably unstressful experience! I wish they could have handled our escrow process too. You won’t be disappointed with the service they provide.Erica Sampo
Brendan and his team were an absolute pleasure to work with. They kept me informed during every step of my home purchase. I was able to get quick answers to all of my questions. I could not have asked for a more seamless process in purchasing a home. Thank you so much for all of your teams hard work and dedication. This truly has been an excellent experience and my daughter and I are looking forward to settling into our new home. Thanks again!Greg Simpson
We cannot say enough about our real estate agent, Chris Fox, and Sean Stanfield with the Kolesar Team at Home Point Financial! Their professionalism, caring nature, extensive knowledge, and ongoing communication was impressive. Throughout our home buying process, they were extremely patient and responsive, which helped make this experience enjoyable (and definitely not stressful)! The entire team is trustworthy, and we highly recommend them for your next real estate transaction!Kelli Bremonte Cardenas
Brendan and his team were wonderful. I have never experienced a service like it. Everything was so stress free and his team were EXCELLENT with their communication. When you meet someone and they tell you “don’t worry, I’m here to handle it all” it does put you at ease and Brendan was that man! Thank you, thank you, thank you, for making my recent house purchase so easy and (dare I say it?) fun! I especially love the kooky videos they send you which explains everything in very easy to understand terms.Debbie Price