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How to Refinance to Better Terms

The refinancing process doesn’t sound too difficult. You already have a mortgage, replacing it shouldn’t be that troublesome, right? When you work with our mortgage professionals we ensure your refinance process runs smoothly.

To better understand the refinance process take a look at our infographic that breaks down the process into nine simple steps.

Learn How The Refinance Process Works And The Types Of Refinance Option We Have For You

Refinance application Time est: 30 min
Get Pre Qualify
Get a pre approval. Time Est: 2-24 hours
Discover your best loan fit with your loan officer. Time Est: 30 minutes
1 Conventional
2 FHA Loans
3 VA loans
4 USDA Loans

Technically speaking, a conventional loan is any mortgage that is not guaranteed or insured by the US government, such as VA, FHA and USDA. Conventional loans offer 2 main refinance types: rate and term refinance and cash out refinance. The rate and term refinance is designed to rewrite a new mortgage at an amount to pay off the existing loan and enough to pay closing costs if desired to add them in. Normally the client will take advantage of lower rates or a shorter-term mortgage with this type of loan. In a cash out refinance the client will be looking to access some of the equity in the property. The equity is commonly used to debt consolidation, buy additional properties, investments, gifts to family members, or whatever reason the clients needs access to equity.

FHA loans typically offer options clients with less than perfect credit situations, higher debt to income ratios or need access to more equity in the home than what a conventional loan would offer. If you are looking to just rewrite the mortgage you have at a lower rate, FHA allows you to do this with very little equity in the property (ie. You don’t need to have much equity in the house to qualify for a mortgage). Because FHA loans are insured, lenders can and do offer FHA loans at attractive interest rates and with more flexible qualification criteria. If you are interested in refinancing a home that requires some improvements, there is an FHA loan to address your needs.

VA Loans in South Dakota and Wyoming (why are we mentioning these states?) are made to fit the unique needs of Veterans, current military personnel, and in some cases, spouses of veterans or current military personnel. A VA Mortgage differs to some degree from a standard mortgage. While provided through Affiliated Mortgage, the loan is guaranteed in part by the Department of Veterans affairs. Those eligible for VA loans for a refinance have access to more lending power than any other program. VA is unique as they allow the borrower to rewrite their mortgage note up to 100% of the new appraised value. This give this loan substantial advantages to help clients access equity in the property. VA also offers an Interest Rate Reduction Loan Option also referred to as an IRRL or streamline refinance. This loan is designed to rewrite an existing VA loan at a lower rate or at a lower term (from a 30 year to a 15 year note). This loan is normally accomplished with little documentation and doesn’t require an appraisal. . There are a few special considerations for a VA Loan: good credit and enough funds for payment are among them.

USDA Loans, commonly referred to as Rural Development loans have refinance options to rewrite an existing RD loan into a new RD loan. This is another option for a streamline refinance. properties are not eligible.

Documentation. Est time: 7 days.

a- Your loan officer prepares your loan documents for signatures.

b- A full loan package is submitted for processing.

Appraisal (2 Weeks).

A licensed appraiser will conduct a review of your new home’s value, make sure that there is sufficient collateral to support the mortgage and that the house is in adequate condition for the loan

Processing Time est: 5 days.

Affiliated mortgage’s processing team will double-check your documents and make sure your file is complete. At this time a conditional loan approval is issued.

underwriting (2 Weeks).

a- An underwriter at Affiliated Mortgage will confirm all documents provided satisfy loan requirements.

b- The underwriting may request additional documentation.

c- The underwriter will issue an approval, allowing the loan to close.

Clear To Close Time Est: 3 days

a- The title company and Affiliated Mortgage will collect all the invoices for the services provided during the refinance process.

b- The title company then takes the money funded by Affiliated Mortgage and pays out all outstanding balances. The title company will get a payoff for any mortgages getting paid off from the new mortgage and make sure they get satisfied.


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