Refinancing Loans

Find Your Home

Do you know how the mortgage loan process works? I want you to be educated on the process so you fully understand step by step how we are going to get you in the home of your dreams. I have a unique tool built specifically to help you understand the mortgage loan process from start to finish!

Before moving forward with your application, decide if refinancing is the right move for you. Three reasons why homeowners choose to refinance their mortgage are:

To get a lower monthly payment
To take out cash
Or to shorten the lifespan of the mortgage

If one of these reasons sounds like something you and your family are interested in, contact the Zack Seidman Team to see if you qualify. We will consider your credit score, your monthly mortgage payment, the overall value of your home, and your family’s debt-to-income ratio before deciding if you qualify. We suggest having these numbers prepared and know if you’re a likely candidate before applying

Analyze your options

Once you know the reasons people refinance a mortgage, it’s important to identify why you might want to refinance.

Are you looking to get a lower monthly payment on your current mortgage? If yes, you may benefit from refinancing. Refinancing allows you to lower the interest rate on your monthly payment or change your current mortgage term. If you find that the interest rates on your current mortgage are causing you financial stress, or you would like to spread out your payments so you pay less over a longer period of time, refinancing can help you accomplish your goals and the Zack Seidman Team is happy to help you achieve them.

What if you’re wanting to take cash out? Taking a loan out that increases your current mortgage term can help you pay off any significant debt, and will give you the freedom to make your mortgage payments over a longer amount of time.

However, if you’re realizing you don’t want to be committed to making mortgage payments for the next 20-30 years, you can refinance your current mortgage to shorten your term and pay less interest over a shorter amount of time. Sounds like a win-win, right?

Send in your application

Taking this information into account, is refinancing the right option for you? If so, it’s time to refinance your mortgage with the Zack Seidman Team. Give us a call to schedule an appointment and begin your refinancing application. Bring your financial information, your goals, and these questions to make the refinancing process easier:

Will you service my loan after it closes?
What are your rates?
Are you available to answer my questions throughout the week?
How have you helped clients in the past?
How long will it take me to get refinanced

Be sure to bring important documents to the meeting, like your most recent pay stubs, your two most recent W-2 forms, as well as bank statement from the past two months.

Get an appraisal

After sending in your application, it’s time to get an underwriting and an appraisal.

For the underwriting process, our team will double check to make sure that all of the financial documents you provided match up with the requirements of the loan.

This process can take between one to two weeks, not including the time it takes to receive the appraisal. An appraisal serves as the final check to make sure the value of your home is as stated by the home sellers. Taking nearby homes into account, the appraiser will make sure you are getting a fair price on the home.

Close on your refinance loan

Once your refinance is officially approved, it’s closing time! When you head to the closing appointment, bring these important documents:

A driver’s license or government-issued ID
A check made out for the total amount of closing costs, if needed
Your Closing Disclosure
The numbers of your agent and lawyer in case any questions should arise

what's next?

Once you get your new loan after purchasing or refinancing your home, you may think that everything is up to you to figure. Typically it is, but with the Zack Seidman team, you will be supported and educated on how to manage your mortgage. “The Homeowner Playbook” is a home ownership program available to our clients that will guide you after you already have your home. We offer this as part of our “Next-Level” service so you have consistent expert guidance, always have a perfect mortgage experience and proactively maintain your home, which increases your home value over time! Contact the Zack Seidman team today to learn more about mastering “The Homeowner Playbook”.

All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change.

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Start your journey toward the right home loan for you by filling out our simple online application.

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Start your journey toward the right home loan for you by filling out our simple online application.