An overview of the Home Refinance Mortgage Loan Process
A Step-by-Step guide to refinancing your house
Make no mistake, there's a lot involved in getting a mortgage loan and the refinancing process can be overwhelming. You wouldn't be here on our website if you could simply fill out a one page application and get the best loan for you signed, approved and funded, all in the same day. Basis Point Home Loans does the heavy lifting for you. Our team of lending experts helps you determine the best refinancing plan of action, so you can take advantage of today's incredibly low rates, lower your monthly payments, consolidate your debt and take advantage of the tax benefits as well.
Our data base of lenders ensures you will get the very best purchase loan product available on the market today. Basis Point Home Loans offers over 500 different loan products to serve you.
For those folks looking for payment relief, we also offer loans with super low starting payments to help ease your financial burden.
There are five main steps involved in getting a refinance loan:
Determine Your Refinancing Goals
The most important part of refinancing a mortgage loan, and the first question asked by one of our lending experts is this: What is the primary reason or goal for refinancing your current mortgage loan? It may be to simply lower your interest rate or, you may feel uncomfortable in your current adustable rate loan and be looking to refinance into a fixed rate product. Perhaps you are undergoing some financial struggles and you need to consolidate your debt. Some of the most common reasons include the following:
- Convert an adjustable rate loan to a fixed rate loan
- Consolidate a first and second mortgage
- Consolidate debt such as credit cards, student loans, car payments and other debt, into one easy loan payment
- Divorce proceedings
- Home improvements
- Help pay for college
- Needing money for other investments or investment properties
Determine How Much You Can Borrow
This is a function of several variables including; how much of a monthly payment can you afford and perhaps even more importantly, how much of a monthly payment do you feel comfortable with! Knowing that no two borrowers are exactly alike, we look at your unique credit and employment history, income and debt situation, and find out how much money a lender will loan to you. Our website mortgage calculators will help you determine comfortable payment options that best fit your need. We'll also help you through various loan scenarios by asking a few simple questions. Based on standard lender guidelines, we'll give you an idea of what kind of terms and loan programs that will benefit you the most.
Pre-Qualify For Your Loan
This is where the rubber meets the road and Basis Point Home Loans has the opportunity to save you the most money! After careful and confidential review of your credit, employment, income, and assets, we typically provide you several different loan options for your review and consideration.
Apply Now! We make it easy!
Once you've you've decided the best path for you it's time to complete the loan process. It couldn't be easier, and you can do it online, right here at our website (Click here for online application). When the time is right, we'll order an appraisal, contact the title/escrow company and all relevant third parties involved in the transaction of your refinance loan. We strongly believe that keeping in touch with our customers on a frequent basis is of upmost importance and encourage you and any other parties you designate to contact us any time with questions regarding your refinance loan.
Your Loan Is Funded!
We work together with you to handle the closing of your new loan. We offer traditional closings at our office or a designated title/escrow company as well as in home closings or, if need be, out-of-state and even out-of-country closings, set up at a time of your convenience. One of our trusted lending professionals is always available at the closing or via conference call to answer any questions you may have.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're new loan is done, often in less than 7 days! Congratulations on choosing one of the finest mortgage companies in the profession - Basis Point Home Loans a dba of Basis Point Financial.