Best Mortgage Refinance Companies in Hialeah

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 factors should be taken into account to meet the requirements for refinancing in Hialeah?

  In Hialeah, meeting the criteria for mortgage refinancing resembles the process of qualifying for a new home mortgage. However, consider the following factors:

  • Your credit score needs to be in a favorable condition.
  • Your income should be substantial enough to manage the new home loan expenses.
  • There should be a satisfactory level of equity in your home to support the borrowing (especially for a cash-out refinance).
  • Your debt load should not be excessive.

• What are the prerequisites for obtaining a HARP refinance in Hialeah?

  To be eligible for a HARP refinance loan in Hialeah, specific conditions must be met. Your current mortgage should have been established before June 2009 and must be owned by Fannie Mae or Freddie Mac. Additionally, a credit score of at least 580 is required, and no recent late mortgage payments should have occurred in the past year. The refinance should also offer benefits, such as switching from an ARM or interest-only loan to a fixed-rate mortgage or reducing monthly payments.

• What types of debts are typically settled through debt consolidation refinancing in Hialeah?

  With a debt consolidation refinance in Hialeah, various debts can be settled. Below are typical examples:

  • Credit Cards: Credit card debt is a common target for debt consolidation refinancing due to the potential savings by exchanging high-interest credit card rates for lower mortgage rates.
  • Secondary financing on the property not acquired simultaneously with the first mortgage.
  • Mortgages on additional owned real estate.
  • Federal taxes.
  • Auto loans.
  • Unsecured/private loans.
  • Student loans.

• Is it necessary to bring money during the closing of a rate-and-term refinance in Hialeah?

  No. Usually, when an existing mortgage in Hialeah is refinanced, the closing costs are applied to the new mortgage total. However, some individuals choose not to raise the loan balance on the new mortgage and instead decide to keep the loan balance unchanged. In this case, they bring cash to the closing to pay for the closing fees.

• How does mortgage modification differ from mortgage refinancing in Hialeah?

  A mortgage modification in Hialeah is intended for borrowers who are having difficulty meeting their monthly mortgage payments and need help to continue repaying the loan. Consequently, numerous lenders demand evidence of financial difficulties before adjusting the mortgage terms. Mortgage refinancing, on the other hand, entails replacing your existing mortgage with a new one, either from the same or a different lender. Refinancing often occurs in more favorable situations, such as when people aim to benefit from reduced interest rates.

• 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.