Refinance
What does it mean to refinance?
When you refinance your loan, you acquire a new loan to pay off the debt of the original loan. If you are considering a refinance, it is important to know both the benefits and costs involved. Refi...
What should I consider before refinancing?
You should know your homes equity which is the amount you have paid off and invested in your home. 20% equity will make it easier to qualify for a loan. You should also know your credit score. Borr...
What are the benefits of refinancing?
Lower interest rate and payment: If your credit has improved or rates have dropped since you got your original loan you could save money on interest and lower your monthly payment. Change rate type...
How soon can I refinance?
You can refinance with Semper Home Loans six months after obtaining the mortgage.
How long does it take to refinance?
Semper Home Loan completes refinances in 30 days or less, on average.
What documents are needed to refinance?
The documents needed to refinance are similar to those needed to initially obtain your loan. You will need: Proof of income: W-2’s Recent pay stubs Tax Returns Proof of coverage: Homeowner’s Ins...
What is the difference between a cash-out and a no cash-out refinance?
Cash-out Refinance: A cash out refinance is when you pay off your existing loan with a new loan that is greater than what you owe, and you receive a check for the difference. If you need cash for a...
What is the difference between lowering my rate vs. lowering my term?
Lowering My Rate: If you refinance to lower your rate, this will typically allow you to lower your monthly payments. Lowering My Term: If you refinance to lower your term, you can pay off the loan ...
What is a payoff amount?
Your payoff amount is how much you will have to pay to satisfy the terms of your mortgage loan and completely pay off the debt. The payoff amount will include the payment of any interest you owe, t...
Equal Housing Lender | © 2010-2023 Semper Home Loans Inc. NMLS #1053