Best Mortgage Refinance Companies in Miami

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 can you expect to happen during the mortgage refinancing process in Miami?

  Miami residents who want to replace their current mortgage through refinancing can expect an initial assessment of their financial situation. The lender often looks at an individual's employment history, credit score, home equity, and other debt obligations to determine if they are fully prepared for the process. Borrowers also go through refinancing negotiation and mortgage comparison procedures before submitting their final applications.

• Is it common for mortgage refinancing applications to get denied in Miami?

  Yes, it is common for mortgage refinancing applications to get denied in Miami. Those who have low credit scores have a 32% chance of getting rejected since lenders have been strict regarding credit availability. However, other factors can influence mortgage denial, like insufficient cash, incomplete credit applications, and unverifiable information.

• Why do Miami residents choose to apply for mortgage refinancing?

  Miami residents often apply for refinancing to have better mortgage terms than their previous ones. The loan conditions that convince locals to replace their current mortgage with a new one include shorter payment periods and lower interest rates. These two factors can help them quickly pay off their mortgage loans while saving money through lower payments.

• Can you submit a home refinancing application in Miami even if your current mortgage is new?

  Yes. You can submit a home refinancing application in Miami even if your current mortgage is new. This allows you to find a better loan that uses a portion of your monthly payments to settle the principal balance instead of reducing the insurance component. In this manner, borrowers can increase their equity and save money for other residential projects.

• What documents do Miami residents usually need to present when making residential loan mortgage applications?

  Miami residents are usually asked to present their listing sheet copy, credit report, proof of income, and bank statements when making residential loan mortgage applications. However, there are cases wherein the lender can request borrowers to submit additional documents, like gift letters, child support orders, and divorce decrees, during the pre-approval process.

• 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.