Why Refinance Your Mortgage?
Refinancing can save you a lot of money, but it doesn’t make sense for every situation. If you are thinking about refinancing, we highly suggest consulting with us so we can help you choose the best possible option. Here are the most common reasons for refinancing.
Where do I start?
Let’s get you pre-approved for a mortgage refinance.
Why Choose the Ultimate Lending Team?
If you’re looking to refinance your mortgage, we have the resources, products, and assurances to make it happen. We are a team of open, honest, and empathetic individuals invested in your success.
Quick communication and availability to advise me on things; Jim gave a great explanation and breakdown of costs initially which was super useful and informative. Also getting everything wrapped up... Read More9/28/2021
Very helpful, informative, and friendly. Great group to work with!11/08/2019
Jim provides first class service, every time. I have worked with him on numerous transactions over the last few years and as a Realtor, it is extremely comforting to know... Read More2/07/2014
The team at Ultimate lending has now helped me with two mortgages and both were incredibly smooth (even with complex finances and multiple party mortgages). Both my loans closed on... Read More3/11/2019
Jim, Amy, and the rest of the Ultimate Lending Team was great about quickly answering all of our questions. Jim talked us through a variety of rate and point options... Read More6/03/2021
Jim and his team made buying our first home out of state such an easy and memorable experience. Life has been amazing here in Oregon and an adventure we'll always... Read More2/09/2019
Consider refinancing your mortgage if your payments are too high, your interest rate is higher than the market rate, if you wish to consolidate payments, or if you want to own your home sooner.
Request a cash-out refinance. You can use your home equity to pay off debts or student loans, improve your home value with renovations, invest in another property, or anything else you choose.
Get a rate quote and see what your monthly payment would be with a lower rate along with the closing costs. The Ultimate Lending Team will provide you with all the information you need to make a decision whether or not a refinance is right for you.
Equity naturally increases when you pay off debt balance or as a home appreciates. You can also help it increase by performing home maintenance or renovation projects.
Yes! If you wish to remove your private mortgage insurance, you generally will need at least 20% home equity. However, you can still refinance even though you’ve built up less equity and depending on the appraisal, can remove PMI. Ultimate Lending Team will help establish your best course of action to remove PMI.
Not always. Much of the time, it depends on the loan program and the form of refinancing (rate and term vs. cash out). Ultimate Lending Team will be able to explore the valuation options further during the refinancing process.
At Ultimate Lending Team, we are proud to deliver closings that are faster than the industry average, typically 2 to 3 weeks.
New guidance and technology has reduced the documentation needed for a home loan. Every homeowner’s situation is different. So once we have your loan application, we can let you know what is needed to close. Be sure you have pay stubs, bank account statements, tax returns, and proof of outstanding debts ready.
There is no cap to how many times you refinance, but many lenders require a certain period of time between assessments. This is normally the case with cash out refinancing as well.
Similar to a purchase loan, refinancing involves closing costs, but these costs differ based on the case. In certain cases, refinancing may have little to no cost, depending on how we structure your loan. Ultimate Lending Team can coach you on options and a break-even point so that you can figure out how long you need to prepare to stay in your home for refinancing to be financially beneficial.