REFINANCE

 Answer: Mortgage refinancing involves replacing an existing mortgage with a new one, often to obtain better terms, such as a lower interest rate, reduced monthly payments, or access to cash from home equity. 

 Answer: You should consider refinancing if interest rates have dropped significantly, your credit score has improved, you want to change your loan term, or you need to access cash for expenses like home renovations or debt consolidation. 

 Answer: Benefits of refinancing include lower monthly payments, a reduced interest rate, the ability to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, and access to home equity for cash. 

 Answer: Yes, refinancing typically involves closing costs, which can range from 2% to 5% of the loan amount. These costs may include appraisal fees, title insurance, and attorney fees, so it's important to consider these when calculating potential savings. A new appraisal is often required also. 

 Answer: To determine if refinancing is right for you, evaluate your current mortgage terms, the potential savings from a new loan, the costs involved, and how long you plan to stay in your home. If you plan to stay long enough to recoup the costs, refinancing may be beneficial. We love to review your options with you as you are you are considering a refinance. 

 Answer: Common documents required for refinancing include proof of income (such as pay stubs and tax returns), information about your current mortgage, and details about your debts and assets. 

 Answer: The refinancing process typically takes between 10 to 30 days, but it can vary due to complexity of the application, and how quickly you provide necessary documentation. 

 Answer: While having bad credit may limit your options, we offer refinancing programs for those with lower credit scores. We can review your credit history and situation and guide you in the best way for your financial needs. 

 Answer: Yes, refinancing can affect your credit score. When you apply for a new loan, we will perform a hard inquiry, which may temporarily lower your score. However, if refinancing helps you manage debt better, it could improve your score in the long run. 

 Answer: Yes, you can refinance your mortgage multiple times as long as it makes financial sense and you meet the lender's requirements. Each refinancing should ideally lead to improved terms or lower payments to justify the associated costs. There are waiting periods for certain loan programs.  Remember, there are fees, so there has to be a benefit to completing a refinance.