Best Mortgage Refinance Companies in Inglewood

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.
  

• In Inglewood, what documents must you submit to apply for a mortgage refinance?

  Your most current financial documents, including tax returns, W-2s, bank statements, and pay stubs, may be required. Recent mortgage statements are also typically required when a homeowner is refinancing. Inglewood mortgage brokers and lenders often provide borrowers with a checklist of required paperwork to avoid unnecessary delays or confusion.

• How much does it cost to refinance a mortgage in Inglewood?

  The cost to refinance a mortgage in Inglewood depends on the size of the loan and the loan program, but in general, you should expect to pay between $2,800 and $3,800. This amount doesn't include lender credits, which would lower it, or discount points or origination fees, which would raise it. Consult with an experienced loan officer who can provide valuable insights into the expenses associated with refinancing a mortgage.

• What is the typical process of applying for a mortgage refinance in Inglewood?

  The process of refinancing in Inglewood may be divided into five fundamental parts:

  • Evaluating the potential benefits of a refinancing transaction.
  • Establishing the borrower's creditworthiness.
  • Exploring at least three different lenders.
  • Submitting an application for a loan.
  • Decision-making.

  Since you've previously received mortgage approval, refinancing may be simpler and involve less paperwork.

• Is it possible to qualify for a lower mortgage refinance rate in Inglewood if your credit score has significantly improved since the first mortgage?

  Yes. If you have consistently made your mortgage and other monthly payments on time, you may be eligible for lower mortgage refinance rates. However, if you have accumulated a substantial amount of debt since obtaining your initial mortgage, you may not meet the requirements for a lower interest rate. A loan officer in Inglewood can help discuss your options and advise you on how to improve your credit score prior to a mortgage refinance.

• How soon can you refinance a home mortgage in Inglewood?

  In Inglewood, waiting periods depend on the type of refinance. For conventional loans, you can proceed with the process whenever you prefer since there's no wait time. Conventional loans also require a six-month holding period for cash-out refinances. VA refinances, like FHA standard rate-and-term refinance, require 210 days from the original loan closing date. Cash out from an FHA refinancing requires a year of residency and on-time mortgage payments.

• 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.