Refinancing is similar to getting a mortgage, and that includes the application process. However, there are a few differences that can sometimes appear as hurdles.
Our office is committed to helping you find real solutions to refinancing, so we put together this list of the top refinancing hurdles and how to overcome them.
Have more questions? We're here to help! Reach out to us by phone or 24 hours a day via our online form.
**Skip ahead and start your refi application now with our digital home loan application!
Hurdle: Perhaps you've recently refinanced with another lender only to find a better rate with us. We understand your eagerness to refinance with us! Depending on how recent it was, anywhere from 6 months to a year, you may still qualify!
Solution: The only way you'll know for certain if you can refinance again is to contact us. Even if you can't refinance quite yet, you'll have the peace of mind that we're here, with rates you can trust, when you're ready to refinance. What's more, with our digital mortgage process you can be sure that your refinance application will be completed fast!
Hurdle: If you don't live at the property that you want to refinance, you may be required to have more substantial savings than other borrowers. Having multiple properties may also require that the equity on the property be higher than if you just owned a single property. Investment properties are considered "higher risk" which is why there are additional requirements for refinancing.
Solution: An easy way to overcome this obstacle is never to have it! If you are currently living in the home and you plan to move out, make sure you refinance before you do. However, if you have already moved out or don't live at the property, we may still be able to refi! Contact us to learn about your options.
Hurdle: We understand that life happens, and perhaps you missed a payment or two. Missing one or two payments in the past is unlikely to affect your refi qualification too much. However, if you've missed more than a few --and have missed them recently --it can negatively affect your application.
Solution: We suggest that you stay up-to-date with your current mortgage payment for a few cycles. Once you have a record of on-time payments, your refi application will go much more smoothly.
Here's a bonus: on-time payments can also qualify you for better rates!
Hurdle: Just like your initial home loan, we look at credit scores for refinancing. If your credit score has gone down significantly, you may longer qualify to refinance. Remember that even low scores are eligible for some loan programs. Contact us for more information about refinancing with low credit.
Solution: There are two easy solutions to refinancing with low credit. This first is to contact us, as we mentioned above. The other is to work on raising your credit. Explore our site for credit repair articles to get started on raising your credit score.
Refinancing can have hurdles, but our office has solutions. No matter the circumstance, we promise to find a refi loan with the best rate possible. Get started today by filling out our online application!