Whether you’re looking to refinance for a lower interest rate to lower your monthly payment, consolidating high-interest debt, pay off your mortgage faster, or need mortgage money for any number of reasons, ZABE Mortgage Group is here to help. Learn more about our process and loan programs below.
Some reasons for refinancing include:
- Refinancing at a lower interest rate to lower your monthly payment*
- Converting an adjustable rate mortgage (ARM) to a fixed-rate loan
- Consolidating high-interest debt (credit cards, student loans, judgments, tax liens) by using the equity in your home to obtain cash
- Refinancing to a shorter loan term to pay off your mortgage faster
- Refinancing to a longer loan term to reduce your monthly payments
- Eliminate or reduce the Private Mortgage Insurance (PMI)
- Remove co-borrower(s)
*If you are refinancing to lower your interest rate, keep in mind that lender fees, title insurance and other refinancing changes will apply. The larger the spread between your current interest rate and the new interest rate, the faster your payback may be.
The ZABE Way
Our clients know that we won’t close a refinance before we’re confident they have the smartest financial decisions. Though the process for refinancing is similar to what you went through when you got your original mortgage, it’s best to know what to expect. See our process below.
Through Discovery, we get a better understanding of short/long terms goals and current loan terms. What are you looking to accomplish by refinancing? Are you ready to refinance, or do you need advice/game plan to be ready?
A complete loan application can be taken by phone or in-person, and you can provide all the required documents for us to make copies. You can also complete the loan application and upload all required documents securely through HomeConnect.
For returning clients, we may already have your loan application, but we will need current documentation.
At this point, we perform a thorough review and verification of credit history, employment, and income. We also open escrow with an escrow company to obtain the property history of ownership and any liens. An appraisal will be ordered if required. This allows us to validate/verify and uncover any pertinent information that may improve your loan options. We may also identify any red flags that potentially may affect the pre-approval or cause delays. The Verification Process may take up to 3-4 business days or less, depending on how fast the employer(s) responds.
It’s time to close on your refinancing or settlement. You should be ready to pay for any closing costs, get the proof of insurance and get your documents in order. Set aside extra time as you will have many documents to sign, but don’t worry, we’ll be there to guide you every step of the way.
Smart Tip! You may want to avoid opening a new credit card account, buying a car or making any other large purchase prior to closing. Use cash instead, or better yet, delay making new purchases until after closing.
Depending on the type of refinancing you obtain, you may be required to pay the following fees:
- Lender Costs
- Escrow and Title Costs
- Prepaids (Per-Diem Interest, Homeowner’s Insurance, and Property Tax deposits)
- Appraisal Fee
- Notary Fee
In some cases, these fees can be rolled into the new loan
At ZABE Mortgage Group, we’re 100% committed to you. We believe our relationship does not end after your refinancing is complete. Our goal of Homeownership by Design is to empower you and your family to build wealth and accomplish your goals! That’s why you can count on us to provide continued support and guidance for life.
Refinance Loans Available to Home Owners
ZABE Mortgage Group offers many types of refinancing loan programs. The type of loan you choose will depend on your reason for refinancing.
Are You Really Ready To Get Started?
Here is a video to help you answer this question. If at the end of this video you feel like you have answered “Yes” to all of the questions, fill out the form below or give us a call today at (559) 664-1930.