What to Expect When Refinancing Your Mortgage
- Better Borrowing
- Frontwave Credit Union
Interest rates today are among the lowest we’ve seen in recent history, which is encouraging many homeowners to refinance their mortgages to save money — and, in some cases, get a little extra cash out to consolidate debt or pay for their next home improvement project. We’ve already gone over the 5 times it can be a smart financial move to refinance, but what does the actual refi process involve? Here’s what you can expect when you refi with Frontwave:
Start by choosing your loan type.
Just as Southern California offers a wide range of architectural styles, we offer mortgages to suit any budget or lifestyle, with flexible loan terms, attractive interest rates and low fees. For example, you can choose from conventional or Jumbo mortgages, fixed or adjustable rates, and terms ranging from 10 to 30 years.
Submit your application.
Once you’ve decided on a loan type, submit your application and any required documentation. It only takes about 15 minutes to apply online, and you don’t even have to leave the comfort of your couch!
Receive your loan estimate.
Once we receive and process your application, we’ll give you a loan estimate that lists the total costs of your loan along with other details, such as your new monthly payment and any money due at closing. We want to be completely transparent and make sure you know exactly what you’re getting, so don’t hesitate to ask any questions you may have once you receive your estimate.
Get a home appraisal.
The next step is for us to order an appraisal to see what your home’s estimated value is in the current market. An appraisal often involves a real estate expert looking at the condition of your home and comparing it to recently sold homes in your area. The appraiser then comes up with a market value for your home, which we’ll use when making an approval decision.
Await final approval.
With the appraisal now complete, an underwriter will review your file to see if it meets the requirements for the loan you’ve selected. Once this step is complete (usually in a couple of weeks), you’ll receive a final decision.
Complete your closing.
If your refinance is approved, we’ll send all of the loan documents to an escrow company. Once you sign them and pay any money due at closing, we’ll pay off your old mortgage. And voila! You’ve refinanced your mortgage in 6 easy steps!
Let us do the heavy lifting.
Our goal is to make the mortgage refi process as simple and easy as possible for our Members. To learn more, call our home loan experts directly at 760.631.8717. Or click here to apply for your refi today!