One of the services I deal with a lot as a Murfreesboro mortgage lender is refinancing mortgages. Homeowners choose to refinance for several reasons, such as to lower their interest rate, move from an adjustable to a fixed-rate mortgage, do away with mortgage insurance, cut down on their monthly payments, pay a loan off faster, or to tap into their home equity. Whatever the reason, there are some initial steps to consider when choosing to refinance your mortgage.
Refinancing Made Easier
Basically, a refinance will take your current mortgage and replace it with a new one. The new mortgage pays the balance of the old mortgage loan off. You still need to qualify for a refinance, just as you would for a mortgage. The application process is pretty much the same, too. What isn’t the same is the technology now available.
Refinance on the Go
If it’s been a while since you went through your mortgage process, you are probably inwardly groaning thinking about the hassle it seemed to be the last time you went through the process. Things have changed, however, and with today’s technology, it’s a lot faster going through this process than it was years ago. Now, you can even apply for a mortgage refinance from your computer or your smartphone. It’s much easier to share documents, appraisal images, and even to sign documents with e-signatures.
Apps and Digital Cameras
Many mortgage lenders have their own mobile apps that will help you manage and track the process, as well as connect all parties involved in the process for better, faster communication. This includes real estate agents, lenders, and borrowers. There’s no more confusion about where you are in the loan process and no waiting around to find out if documents have reached their intended parties. You can find the Accurate Mortgage Group mobile app where you download your apps or click the link on our homepage at accuratemtg.com.
Gone are the days of waiting for appraisers to take pictures and then have to wait to have those developed. They can now use their smartphones to snap pictures and email them from the property within minutes. So, the mortgage process itself is a lot quicker and more transparent.
Another handy tool is the mortgage refinance calculator. You can find our mortgage calculators here. They can help you to crunch those number and get a better idea of what you have to work with. It also lets you shop around for the best refinance deals. Bear in mind, you won’t have access to some of the great deals that our Accurate Mortgage team has access to.
Some of the things you will need to know when using a refinance calculator tool is your new loan amount and new interest rate. Once you input that data, the calculator will show you your monthly savings, new monthly payment plan, and what you will save over the life of the mortgage. It also takes into account what your estimated refinance costs will be.
Going through the mortgage loan process to refinance is a lot easier than it used to be and gives you better access and control over the process too. If you are looking to refinance your mortgage, give our local Murfreesboro mortgage lender team a call today, and we’ll find the best refinance package to meet your needs!