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Connecticut Mortgage
Refinance - Connecticut
Home Loan Refinance Below are
some of the more frequently asked questions by
those homeowners who are interested in a
Connecticut Mortgage
refinance.
What
are the reasons for refinancing?
There are many benefits to mortgage refinancing; it just
depends on what your objectives are. Some of the
most popular reasons are:
- To lower your monthly payments by
refinancing at a lower interest rate.
- To convert a portion of your equity into
cash by obtaining a new loan for a larger
balance than your current loan.
- To switch from an adjustable rate to the
stability of a fixed rate.
- To consolidate debt by refinancing a
higher loan balance and using the cash
difference to pay off credit cards, auto
loans or other debts.
- To pay off the mortgage sooner by
switching to a shorter term.
Call us toll-free to find out if refinancing is right
for you. back
to top
How do I apply for a
refinance loan?
Either fill out the application online or call
us directly. back
to top
What are the costs involved
in refinancing?
The closing costs, including lender fees, are
typically 1% to 2% of the loan amount. In
addition, you may choose to pay points in order
to get a lower rate, or accept a higher rate in
exchange for having the lender pay some or all
of your closing costs. back
to top
How much documentation will I
need to supply to verify the information I
provided on my application?
Every situation is different. Once you submit
your loan application online you’ll
automatically receive a customized list of the
documents you’ll need to provide. If you apply
over the phone, you’ll receive this list
within three business days. back
to top
What if I can’t supply the
standard documentation necessary to get a loan?
We offer special loan features that include low
documentation or even no documentation. Call
your personal loan consultant for more details. back
to top
What is Private Mortgage
Insurance (PMI) and why would I need it?
In most cases, if your first mortgage amount is
greater than 80% of the property’s value, the
lender may obtain Private Mortgage Insurance (PMI)
to safeguard its investment against the
possibility of default. PMI is collected monthly
along with the mortgage. Within three days after
your loan application is submitted you’ll be
sent an estimate projecting the amount of the
monthly PMI payment. As your equity increases,
you may qualify to have PMI removed. There may
be ways to finance your home so that PMI is not
required. Your loan consultant can provide you
with more information. back
to top
Do I need to get an appraisal
when I refinance?
Yes, depending on the loan program you are
refinancing. You may not be required to get an
appraisal. Call us for details. back
to top
What is an escrow
account?
Instead of paying large, lump sums to cover the
costs of homeowner’s insurance and property
taxes, these payments are divided into
installments which are paid to the lender
monthly along with your loan principal and
interest. The lender will hold the money in an
escrow account and make the payments
from the account when they are due. Escrow accounts may be optional, or they
may be required by the lender, depending on the
location of the property, the size of the loan
in relation to the value of the property, and
the loan type. back
to top
How does a refinance closing
work?
The refinance closing will be conducted the same
way that your loan was closed when you first
purchased the property. Soon after your loan is
approved your loan consultant will send a list
of documents you’ll need to bring to the
closing. You’ll also be sent an Estimated
Settlement Statement that tells you the amount,
if any, you’ll need to bring to closing in the
form of a cashier’s check, as well as an
outline of how the funds from your new loan will
be disbursed. If this is a refinance of a
primary residence, the loan won’t actually
fund until three business days after signing the
loan documents, due to the borrower’s right of
rescission. To find out more, see
in our Glossary. back
to top
Can I refinance a vacation
home?
Yes. We have aggressive programs to help
borrowers purchase or refinance a second homes
as well as investment properties.
To get started, you can Get A Loan or call us
toll-free. back
to top
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