Best Mortgage Refinance Companies in Miami Beach

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 is the average closing cost for refinancing in Miami Beach?

  As per information provided by the Federal Reserve, the average closing expenses generally range from 3% to 6% of the principal amount of your mortgage in Miami Beach. The specific closing costs for your refinancing endeavor will depend on factors such as your geographical location, your home's appraised value, and the particular requirements of both your previous and new lenders.

• How long does the refinancing process in Miami Beach usually take?

  The typical timeframe for completing a refinancing process in Miami Beach is generally around 30 to 45 days. In rare instances, the process might extend to about 60 days before the closing occurs, but this is relatively uncommon. It's important to consider that the duration of the refinancing process is influenced by various factors, such as the current state of your home, the terms of your existing mortgage, and the specific type of loan that you currently hold.

• Can you refinance if you are underwater on your mortgage in Miami Beach?

  If your mortgage is underwater, it is generally not feasible to refinance your mortgage in Miami Beach. Lenders typically require borrowers to possess a certain level of equity in their property before they allow a refinancing process to proceed. This means that your home's current value should surpass the outstanding mortgage balance before you can proceed with the refinancing process.

• Can you refinance if you have filed for bankruptcy in Miami Beach?

  You can refinance after bankruptcy in Miami Beach, but it's important to note that the ability to refinance is subject to specific waiting periods, which vary based on the type of bankruptcy you have filed and the category of loan you are pursuing. In many cases, government-backed loans tend to have shorter waiting periods compared to conventional and jumbo loans.

• Can you have a cashout refinance on a property with an existing loan in Miami Beach?

  In Miami Beach, you can opt for a cash-out refinance regardless of whether the property is fully owned or has an existing mortgage. This type of refinancing is applicable to all types of property occupancy, including primary residences, second homes, or investment properties. There are also no limitations on the property type, whether it’s a single-family home, a condo, or a townhome.

• 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.