You can apply for refinancing of your mortgage at any time subject to meeting the minimum requirements. Like a new loan, you must tender an application for appraisal and approval based on the following criteria:
Ability to pay
Your current income determines your ability. During the appraisal, lenders look at your disposable income after considering all your liabilities. If your income source is employment, your lender might be interested in the net pay after deductions. Business income is appraised through the cash flow of your business.
LTV is the maximum loan allowable on your home, generally between 80-90%. You must have paid an amount equals to it exceeding 20% of the value of your home. The lender takes care of its interest in case of default by insisting on LTV.
Your loan history may make or break your relationship with a financier. There is no point in lending out to a person who will not pay? Your records are obtained from the credit score. The minimum score for FHA loans is generally lower at 580 because of the federal guarantee.
By offering low refinance rates, it is considered to be the best refinancing lender in Florida. You get diverse refinancing programs, including jumbo refinance, VA, and USDA. Its robust online presence and mobile phone application make the whole process seamless.
If you prefer a more personalized treatment, you can easily reach their mortgage agents by phone. That’s why it ranks first in customer experience. You can also visit their offices spread out in 11 locations in Florida. However, it falls short in terms of processing fees which are higher compared to other lenders.
Bank of America
A refinancing program with Bank of America is likely to save you costs because of its discounts. You get $600 discounts on closing mortgage costs if you are an existing BOA customer. The bank offers refinancing to mortgage holders under VA and FHA except for USDA. The option to refinance equity is also available.
Through its refinancing program, you can consolidate your loans into one and get a single monthly installment. They can be reached on their online platforms and physically in one of their branches.
However, it faces a setback because of several complaints received in some of their branches.
With Quicken, any loan can be financed, be it conventional or government-backed. Its presence is felt everywhere across 50 states. Quicken is a robust digital company with minimal paperwork. Its excellent service is defined by online chats offering live support.
Its closing rates of 3-6% are affordable depending on the type of mortgage refinanced.
Approval speeds of 3 minutes and low closing rates make Better.com an easily accessible option. Your refinancing option is subject to closure within three weeks, which is pretty fast. There are no application and credit evaluation fees, and the whole process is transparent.
You also get homeowners insurance with Better.com. However, they do not refinance government-guaranteed mortgages. With a credit score of 620, your conventional loan can be refinanced by Better.com.
Mortgage refinancing is a way of easing the pressures of high interests and large installments. You might have obtained a loan when interests were high. Mortgage companies allow you to refinance with them by taking new facilities at friendly rates to pay off an existing mortgage.
The process of refinancing takes a similar approach to new loans. You must apply and provide documentation for approval. The difference with new facilities is that your security is already charged, and the process will be fast.
Refinancing takes two approaches. One is refinancing to alter the period and rate of interest. By refinancing at low rates, you can continue with the same installment and shorten the period or maintain the period at a lower installment.
On the other hand, you can opt for refinancing to get cash to settle other obligations. Such an arrangement applies to instances where you have paid substantial amounts on your loan.
Most importantly, it would help if you compare offers of different mortgage companies to get the best home refinancing programs in Florida. Here, the best options offer reasonable rates, charge less processing fees and offer discounts.