Best Mortgage Refinance Companies in San Bernardino

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 loan options should different types of borrowers in San Bernardino consider?

  First-time homebuyers in San Bernardino should consider obtaining FHA loans with low down payments and reasonable credit and income requirements. In addition, VA loans offer no down payment, low-interest rates, and cater to active service members and military veterans. Moreover, a conventional loan is a good option for people with minimal debts and solid credit scores. People buying properties in rural areas should consider USDA loans, while those interested in higher-priced homes should avail of jumbo loans.

• Does having high credit scores help San Bernardino homebuyers obtain mortgages to purchase properties?

  Yes. Although lenders also consider the type of loans borrowers in San Bernardino are applying for, their income, and debt levels, a FICO score is a key factor in obtaining mortgages. Homebuyers can qualify for a conventional loan if their FICO score is at least 620. VA loans, on the other hand, do not have an established minimum credit score. Having high credit scores also helps clients qualify for mortgages with lower interest rates.

• How does mortgage refinancing help homeowners in San Bernardino?

  Mortgage refinancing helps San Bernardino homeowners save money through lower interest rates. It allows borrowers to adjust the terms of their loans. Clients can reduce their overall interest and simplify their finances by consolidating their mortgages. They can also remove their private mortgage insurance by refinancing a conventional loan.

• Can homeowners in San Bernardino refinance their properties before obtaining divorce?

  It depends. There must be no court-imposed restrictions on refinancing a home before filing for divorce. Clients in San Bernardino should wait if they need spousal or child support income to qualify for new loans. Spouses will also need to agree to the pre-divorce refinancing if they are on title to the properties.

• Why is it important for clients in San Bernardino to get pre-approved before they start their home search?

  A mortgage pre-approval helps San Bernardino homebuyers know how much they can afford. Lenders look at borrowers’ personal finances to determine the maximum amount they can qualify for and the mortgage payments. The written documentation also states that clients are qualified for a loan amount under a specific interest rate and term.

• 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.