(gentle music) (phone rings) – Hello, should I refinance? What should I consider? What should I expect? Hi, you have come to the right place. If you are here for anything
education regarding mortgages, I am your girl. 16 years experience as a loan officer, top 1% in the nation for production for several years running now, and I am here to talk to you today about the big hot topic
which is refinancing. So I'm gonna put a link
to a great checklist of some expectations of the process below at the bottom of this video. Be sure to please,
please like and subscribe to my channel if you don't mind. I'd really appreciate if
you share it with a friend that would be super amazing. So thank you, again, and
thanks for tuning in.
So I want to talk to
you about refinancing, what you should expect, what
you should know about it, what kind of questions you should ask, and all of that fun and exciting stuff. So one thing you can do is you can check out my
book "Mortgage Peace," available on Amazon.com, and that should help you as
well with a bigger overview. But you can tune into my videos, and I hope that I am
super, super helpful to you and giving you lots of good education to make great decisions and
save lots and lots of money.
So with a refinance, what you can expect is you want to do an application, and you do wanna do an application. I hate to be the bearer of bad news, but if you are just calling around and asking for rates or
looking for rates online, 99% chance you're probably looking and assuming you're getting
a rate that you are not. Rates are based on loan to value. That means, what is your loan amount in relation to the value of the home? What is your credit score? Are you doing a purchase
versus a refinance? Could be a different rate. What's your loan amount? That could change your rate. Were you doing a rate and term refinance versus taking cash out? Because, guess what, that
can also affect your rate. What do you owe on your home? How long of a term are
you looking at doing? So many things affect that interest rate.
So here's what you wanna do
to best protect yourself. Apply with a reputable company
that makes you comfortable, do a full application,
give them tons of details, make sure that you know and
have the information pulled up. How much is your home insurance? How much is your flood insurance if you have flood insurance? When did those items renew? Because most people do escrow, and the date that your first
payment is due on your new loan in relation to when
the insurances come due have an effect on how much
money is collected at closing or financed back into your loan, which then changes your payment. Can you see the loop and how that works? Loopty loopty loop. So you wanna make sure that you have an accurate application completed with a lender that makes you comfortable. You wanna make sure you know
when your home insurance, flood insurance, any other
types of insurance is required are due, when they renew,
and how much they are.
You're also gonna wanna know
what your property taxes are to be sure to give them that information. Do you pay PMI, and how much is that? What is your current loan type? What is your current loan term? What did you originally borrow? If you wanna be really great and detailed, that'd be super helpful. And how many years have
you paid into your loan? Those are just a few things that'll go into that application. So for the process overview, and if you're liking this video, be sure to leave me a comment. Please, don't forget to
hit the bell to be notified when I post new videos, and I would love if you
subscribed to my channel and share the videos with your friends. Let's spread mortgage
peace throughout the world. So overview of the process, application, provide detailed information,
get an accurate quote from the lender of what they
think your closing cost, prepaids, and interest rate
and new payment is going to be.
Find out the details of the term, find out if that rate is costing you money or if you're doing a no-point option. There are pros and cons to all of that. Then you're gonna want
to provide your paperwork that they're going to request. I will post some
checklists throughout some of my different videos that will help you. I've got a long-form checklist,
a short-form checklist of things that you can
expect to need to gather. So you're gonna gather your documents, work off of your checklist. Everything's gonna be submitted,
title's gonna be ordered, appraisal's gonna be ordered, the file's gonna be submitted
through the processing stage where they're ordering
verifications, validations, double and triple checking
every single thing that you tell them, every
single thing that's provided. They'll be looking at page
by page, line by line. It is so much fun on this side, I promise. And then you're gonna
go through underwriting. Some of these things get
put in different order here and there depending upon
a number of factors, but next hopefully you've
got the title work back, the appraisal back.
You've got underwriting
conditional approval, so that they can ask you for whatever else the underwriter needs, then submit for final approval. Once you get final approval, you're gonna get your
preliminary closing disclosure. Go ahead and set that closing
date, review your numbers, make sure you're
comfortable with everything, you're getting what you expected, and that it is still a
good decision to proceed. Hopefully, you've thought about that a lot through the process and make sure you're making
a good, informed decision, and then you set your closing,
and you go to closing.
You might be getting money back. You might be bringing money to closing. It's all different situations, but I hope that this helps you. I hope that this sheds a little
bit of light on the process. I hope that it helps you to
think more, analyze more, protect yourself, make
a really good decision for yourself and or your family, whoever's involved in your transaction and has ownership in your home. And if you have any questions, please feel free to reach out. Check out my website, StephanieWeeks.com. Check out my book, "Mortgage Peace," and check out the YouTube channel, and hopefully we can help each other to spread mortgage peace.
I hope you have a fantastic day, and thank you so much for tuning in. Be sure to check out my other videos. I post every Tuesday and Saturday. Have a good one, guys. See you in the next one..