Refinance

Refinancing your mortgage can be a good financial move under certain circumstances. Here are some steps and considerations to help you through the process:

Review Your Current Mortgage: Understand the terms of your existing mortgage, including interest rate, remaining balance, and monthly payments.
Check Your Credit Score: A higher credit score usually translates to better refinancing terms, such as a lower interest rate. Aim for a score of 720 or higher for the best rates.
Calculate Your Home Equity: Lenders often require at least 20% equity in your home to qualify for refinancing without private mortgage insurance (PMI).
Compare Mortgage Rates: Shop around and compare rates from different lenders then call us. Consider both fixed-rate and adjustable-rate mortgages based on your financial goals. We will help advise you.
Understand Costs and Fees: Refinancing typically involves closing costs, which can include application fees, origination fees, appraisal fees, and more. Make sure you understand these costs and factor them into your decision. We will help you do the maths to make sure it is a financially good decision.
Choose the Right Type of Refinancing: Decide whether a rate-and-term refinance (to lower your interest rate or change the term) or a cash-out refinance (to tap into your home equity) is more suitable for your situation.
Gather Necessary Documents: Prepare documents such as proof of income, tax returns, and current mortgage statements to streamline the application process. We will send you a list.
Submit Your Application: Once you’ve chosen a lender, submit your application and provide all required documentation promptly.
Review and Sign: Carefully review the new loan terms and conditions. After approval, sign the refinancing documents.
Close the Loan: Your old mortgage will be paid off, and the new mortgage will take its place. Ensure a smooth transition and continue making payments as required.

Before proceeding, it’s advisable to speak with one of us here at North Star Mortgage who can provide personalized advice based on your financial situation and goals.

This Free Refinance Advisor has been designed to help narrow down options based on your individual needs. It’s quick, it’s easy, and the more questions you answer – the more accurate your results. You’ll receive the Refinance information you need instantly without all the calls and emails!