This option is for people who want to refinance to a lower interest rate to reduce their monthly payments or for people looking to reduce the term of their mortgage from a 30-year term to a 15-year term.
This is a very popular option for people who have built equity in their home and wish to use that equity to achieve financial goals like paying off high interest credit debt, paying for home improvements, starting a college tuition fund, investing in another property, or creating the often over looked necessity of a “rainy day” or Emergency Cash Reserve Fund.
Generally speaking, you can apply for a refinance at any point during the term of your loan after you have made at least 6 payments. The entire process can be completed in less time than most people think. US Mortgages can get you from application to close in under 21 days or less, as long as the requested documentation is provided quickly.
The good news is you don’t need to use the same mortgage lender for your refinance as you did for your current home loan. If you’re not happy with your current lender’s service, or if you find a lender offering better options, you’re always free to refinance with the mortgage lender of your choice.
There are always fees for refinancing because the mortgage lender invests a substantial time in originating the loan (gathering qualification data, creating options, processing and underwriting your new loan). Most origination fees are typically rolled into the loan itself so you don’t need to pay any of these closing fees out-of-pocket. However, it’s still in your best interest to know how much those fees are, after all, you are paying them whether upfront or over the term of the mortgage.
If you’re already a US Mortgages customer then you’ll automatically qualify for the Lifetime Origination Guarantee™ where we waive any origination and appraisal fees on your refinance. If you're not already a US Mortgages customer, you’ll receive the Lifetime Origination Guarantee™ on any home loan, so if you ever need to refinance again for any reason, you won’t pay origination or appraisal fees again.
Remember, your home is always the collateral for your mortgage loan. This is what allows your mortgage lender to extend so much credit for such a
After the 2007 banking crisis, new lending guidelines have been put in place that protects consumers from getting into loans they can’t afford. Those new guidelines, however, don’t protect the consumer from taking on additional debts that can jeopardize their overall ability to repay their debts.
Want to know exactly what a lender sees for your credit and score?
Use our soft pull inquiry that does NOT impact your credit score and gives you an accurate picture of a real lender viewed credit report and score.
Unlike popular credit report sites (e.g., Credit Karma or FreeCreditReport.com) that use a consumer-based scoring model, not a lender based scoring model, ours will give you a true picture of where you are at.
Armed with the information you gathered in Step 1, you can get a quick and easy quote by phone or online from US Mortgages. This is also a good time to talk to a Personal Mortgage Advisor and get any and all of your questions answered before you actually apply for the refinance.
Now you’re ready to complete the application for your refinance also known as a 1003 in mortgage speak. This is when you’ll provide your financial documentation to the mortgage lender for review.
Submitting the application gives your lender permission to run your credit, confirm your employment, and order an appraisal if you are taking cash-out to confirm the current fair market value of your home.
Make sure you have a government-issued photo ID (driver’s license, state ID card, or passport) with you. Your Personal Mortgage Advisor will let you know if you’ll need to bring a cashier’s check to cover closing costs if you choose to pay them out-of-pocket rather than rolling them into the new mortgage.
It’s also a good idea to bring a copy of your signed Closing Disclosure. The entire closing process typically only takes no more than 30 minutes.
With US Mortgages competitive rates, exceptional service, and expedited processes, your home loan is in the best hands.
If you’re interested in learning more about the opportunities offered by refinancing, contact US today for more information. You can get a free quote online in minutes by filling out a quick questionnaire. If you would like to expedite the process, we always licensed, salary-based, Personal Mortgage Advisors standing by at (720) 307-8307, to answer any and all questions you have and provide you with a Free Estimated Home Valuation and a No Cost, No Obligation Quote.
Equal Housing Opportunity Lender
1.99% fixed rate is for 15yrs and has an APR of 2.35%. 2.75% fixed is for 30yrs and has an APR of 3% based on a 740 score, 60% maximum loan to value, owner-occupied, rate and term refinance only and 400k loan amount as of 6/7/21. Maximum loan size is limited to 548,250 and min loan size is 125k. No lender fee special requires min loan size of 300k. Not all applicants will qualify.