Refinancing Assistance

Refinancing is the process of replacing an existing loan with a new one. It can provide benefits such as lower interest rates, shorter mortgage terms, or converting an adjustable rate mortgage to a fixed-rate mortgage.

The process typically involves several steps - determining your financial goal, assessing your credit score, comparing lenders and loan options, gathering necessary documents, applying for the loan and closing the deal. A mortgage broker can guide you through each step.

Costs may include application fee, loan origination fee, appraisal fees, title search fee and other closing costs. While these costs can be significant upfront, they may be offset by savings over time if you secure a lower interest rate or other desired outcomes.

The best time to consider refinancing depends on individual circumstances but generally when interest rates drop significantly compared to your current rate; when your credit score has improved so you qualify for a lower rate; or when you want to switch from an adjustable-rate to a fixed-rate mortgage.