If you’re looking at acquiring a home refinancing loan in central California’s San Joaquin Valley, you’ll probably be shocked to learn that there’s a lot of misinformation out there. Consequently, it’s important to know what you can expect when you’re refinancing your home.
Get the Correct Facts on Refinance
Furthermore, when it comes to home refinancing, the internet is rife with a lot of bad information. Here are the 10 most common myths to be aware of:
- If you have a mortgage, you’ll automatically qualify for a refinance loan – FALSE. Just because you’re making on-time payments on your current mortgage, it doesn’t mean that you’ll qualify automatically. You still need to fill out an application and meet the current qualification criteria.
- It’s difficult to get refinanced in these current economic times – FALSE. It’s just as easy to refinance your home as it is to applying for a personal loan. All you need to do is speak with a lender and provide them with the information they as for.
- It’s is easier to refinance with the lender you are currently paying – FALSE. Most loan servicers do not originate refinances, and those that do, are held to the same documentation and guideline requirements as all other lenders.
- Qualifying for a refinance loan is very difficult – FALSE. Actually, it’s relatively easy to qualify. All you need to do is talk to a lender and find out.
- Refinancing only applies to home loan debt – FALSE. You can pay off any type of debt with a refinancing loan that you choose including credit card debt, outstanding bills, and personal loans.
- There’s no fees with a refinance loan – FALSE. Unfortunately, you are required to pay closing costs of approximately 2 to 5% of the principal.
- You don’t need to do any comparison shopping of lenders – FALSE. Get quotes from several lenders. This ensures getting the best interest rate.
- You have to pay for your closing costs up front – FALSE. You can roll your closing costs into the loan.
- You must apply for the same terms as your current mortgage – FALSE. You can refinance to a 15-year from a 30-year mortgage. It just depends on you. You need to look at your requirements and refinance accordingly.
- You only save money if the interest rate drops dramatically – FALSE. In the long run, refinancing your home to a lower interest is going to save you money. The interest rate doesn’t have to be that much lower to benefit financially.
Consult with Refinancing Professionals in Oakhurst California Today
If you’re looking to refinance your home, contact Granite West Funding and speak with a representative today. We are here to help you get the best rates and terms on your refinance requirements. Call us at (559) 540-2275 and talk with our experts today.