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Refinance

Should I Refinance?

Deciding to refinance takes careful consideration. There are several factors to consider and a SNMC loan professional can help you adequately weigh these complex issues.

Even a modest reduction in the interest rate can trim your monthly payment. The significance of such savings in any scenario will depend on your income, budget, loan amount, closing costs and the change in interest rate. A SNMC loan professional can help calculate the different scenarios for you to determine if this would be financially advantageous. Consulting your tax advisor is also encouraged, as your personal tax situation may affect your decision.

What Documents Will I Receive at Closing?

At closing, you’ll review, sign and receive copies of all legal documents that are recorded for the property you’re purchasing or refinancing. You’ll also receive all pertinent information regarding your mortgage payment and servicing information for your new loan.

Can I Still get a Home Mortgage if I’ve Experienced Credit Challenges?

Obtaining a home loan is possible even with poor credit. If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 20-50% down). The worse your credit is, the more you can expect to pay for an interest rate and a down payment.

Not all lenders choose to lend to risky borrowers, so you may have to contact several before finding one that will. Contact me to get an objective opinion on your credit and financial situation. Whether your situation calls for a short-term solution or a long-term strategy, we will give you options that will empower you to make an educated decision.

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