Best Mortgage Refinance Companies in Phoenix

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• What happens when the refinancing process is about to be completed by your Phoenix lender?

  Your lender will set a closing date for your loan in Phoenix once your application for a mortgage refinance loan has been accepted and the appraisal has been accepted. You will have to sign new mortgage documents on the closing date, after which the old mortgage will be repaid, and the new mortgage's payments will start.

• What are the steps you can take to refinance your home loan in Phoenix?

  To refinance your mortgage in Phoenix, you must first consult with a lender who will determine whether doing so is the best course of action for you, given your current financial situation. You will then complete a mortgage application to refinance. To do this, you must collect the documents that your lender has requested and submit them.

• What is a no-cost refinance in Phoenix?

  If your lender says they'll do a no-cost refinance for you, this implies they shall pay all of your upfront expenses and one-time closing costs, including those for the appraisal, escrow, title, underwriting, and other refinancing-related costs. Your lender in Phoenix can cover the closing costs for you by offering a lender credit, which you can obtain by taking a slightly higher interest rate.

• Do refinance loans in Phoenix take longer to close than purchase loans?

  Yes, refinance loans take longer to close since Phoenix lenders typically prioritize purchase transactions due to the time-sensitive constraints of processing, appraisals, and underwriting. In addition, there's a three-day retraction period after loan documents are completed for refinance loans for primary or secondary residences, which prolongs the closing process.

• What distinguishes pre-qualified and pre-approved in a Phoenix mortgage refinance application?

  If you fill out a mortgage refinance application and your status shows that you are pre-qualified, this means your licensed loan officer in Phoenix will calculate the amount you are likely to obtain during the interview. Pre-approved, on the other hand, involves filling out an application and having your credit and financial history checked, and once you have your pre-approval certificate, you are more likely to close faster and bargain for a lower price for your loan.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.