Refinance Mortgage

Determine Your Goals

We get asked the question a lot: do you do refinancing? While the bulk of our work is with homebuyers, we are here to help you walk through the process of refinancing as well. Many homeowners who don’t want to sell with the volatile housing market are still considering making their home equity work for them. If you’ve thought about refinancing, all us at 828-348-1907 and start today.

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What is Refinancing?

The simple answer is that a refinance mortgage is when a homeowner gets a new loan to replace the loan they already have on their home. There are many reasons to do this, including benefiting from current interest rates – but the rates aren’t the only reason for refinancing. Refinancing may also affect the terms of your loan, which can give you the option to pay off your home faster. There are also cash-out refinances, which we’ll talk about later.

If you’re thinking about refinancing, we always recommend talking to an independent mortgage lender like our team at GoPrime Mortgage located in West Asheville.

Determine Your Refinancing Goals

Before you decide to refinance, it’s good to understand your goals

Reasons for a refinance mortgage can include:

  • Lowering your monthly payments
  • Improvement in your credit score
  • The fixed period of your ARM is ending
  • Your financial situation has changed to allow for higher payments
  • You want to take cash out from your equity

A quick note on cash-out refinances – these can happen when you have built equity in your home that you can borrow against. Based on your home’s value and the amount of the mortgage you have left to pay, you can take out a portion of the difference, known as equity. However, cash-out loans are riskier, so the terms and payments are going to reflect that.

Why Should You Refinance?

Suppose any of these circumstances have changed since you initially financed your home. In that case, you should speak to our team today to see if you are missing out on money by not refinancing!

If mortgage rates have decreased since you took out your mortgage, you could potentially save thousands by getting a better interest rate. Even one or two points can save you a lot of money in interest fees over the life of the loan.

If you have a conventional loan, your interest rate was partially determined by your credit score. If your credit has improved, you may be able to refinance at a much lower interest rate, which can save you money over the life of your loan.

High-interest payments for student loans, credit cards, or other debt can be expensive and challenging to keep up with. By refinancing your home loan and taking a cash-out option, you can pay off your other debts and eventually only pay for your home loan.

Making home repairs can improve the value of your home so that refinancing could act as an investment. If the interest rate of the refi is lowered, you can also save money, so it’s a win-win!

Knowing The Right Time to Refinance

If you think refinancing is right for you, call us to learn more, and we can determine a plan together. We’ll also be honest with you. If now is not the right time for you, we’ll talk about other options or the possibility of waiting longer.

Even though interest rates are a big motivation, they aren’t the only reason to consider refinancing. Getting new terms, accessing your equity, or consolidating your debt may also be reasons to consider refinancing. That’s why talking to a mortgage lender is essential.

What Our Clients Are Saying

My wife and I have owned our home for more than eight years and recently after a remodel and addition we refinanced with GoPrime Mortgage. I was initially daunted at the prospect of refinancing and working with Zachery Adam and GoPrime made this process extremely easy and simple. At every step along the way I felt supported and informed. I most likely would still have not even begun the process of refinancing if Zach hadn’t informed me of my options and provided his encouragement to complete this process. I would highly recommend anyone looking to refinance or purchase a home to seek the counsel and support of Zach. He is a community asset and I’m grateful for his service to this community. I find him to be an extremely genuine, caring and honest individual. He is a man of his word and a man of action!

Dov S.

Zack did a terrific job of helping me figure out, first, whether or not to refinance. He responded quickly and gave me a quote that showed my rate dropping more than half a percentage. He and his team made the application process incredibly easy and all online. When extra documentation was needed, they follow up with me to make sure I got everything together on time to close as planned. This was the best home mortgage experience I’ve ever had and I’ve had quite a few. I highly recommend Zack and GoPrime.

Dave W.

Over the past 4 years I have worked with Zach and his team at GoPrime Mortgage twice. They were my lender when I bought my house and recently helped me refinance with an APR that my existing mortgage provider would not even consider matching. Zach cares about the people he serves and shows his dedication throughout the process. When the refinance process was completed, Zach took it upon himself to put me in direct contact with people who could assist with additional services I mentioned that were needed. Working with a local agency provided me the reassurance I needed that helped me know I was taken great care of.

Zane W.

Do Your Homework on Refinancing

While you want to talk with a lender to help you through the process, it’s useful for you to do some research yourself. Some things you should consider before deciding to refinance:

  • Your home equity
  • Your credit score
  • Your debt-to-income ratio
  • The costs of refinancing
  • The rates versus the terms
  • Your break-even number
  • Private mortgage insurance requirements

You can read more about these here.

Check Out Available Refinancing Options

There are too many potential options to list here, and that’s why we encourage you to call us at 828-348-1907 to learn more, or you can read about some of our loan products here. After considering your goals and doing your homework, we can help you find a mortgage refinance that works for you.

When you talk with a lender in our office, we’ll discuss not only the financial implications of your refinance, but what it means in the long run for you and your home. We will be honest about whether or not your plan to refinance is on track with your goals or the current market.

Start the Process

This post by Nerdwallet gives an excellent overview of the steps for refinancing. Our team can walk you through the process, but it helps to be prepared.

  1. Determine your goal
  2. Shop for the right loan product
  3. Apply for the mortgage
  4. Lock in your interest rate
  5. Close the loan

After you apply, you will need to continue to make the current mortgage and other payments on time. There cannot be any adverse changes to income or assets after you apply.

Closing Your Refinance Loan

Just like buying a new home, you will have to go through the closing process on a refinance. Just like you want to know what to expect before closing, you should also prepare for the closing itself.

First, you’ll receive a Closing Disclosure to review. You must receive that information at least three days before when the closing documents are signed. Take time to review the disclosure and make sure the fees and charges are what was discussed. Remember to bring the closing disclosure documents to the closing!

Next, you’ll sign the refinance documents. Unlike buying a new home, there will be fewer people involved in this step of the process. Many people will be able to sign the documents at home. Always ask your mortgage lender what you need to bring to the closing.

Refinancing also has a unique extra stage in the process – you have the right of rescission, which was established under the Truth-in-Lending Act. It gives you an option to back out if you change your mind as long as you do so within three business days of signing the new mortgage.

Once the waiting period has ended, the documents will be recorded. If you’re receiving funds as a part of the process, you’ll get them within three to five business days.

Long-Term Mortgage Management

Keep in mind that managing your mortgage is as important as the process to refinance. You want to make sure you stay on top of your new terms and payments just like you did in the past. Create your budget, schedule your payments, and revisit the health of your finances regularly. A little preparation can go a long way if you find yourself in an emergency position in the future.

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