Best Mortgage Refinance Companies in West Palm 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.
  

• Is there a restriction on how often you can refinance your home in West Palm Beach?

  There's no set legal limit to the number of times you can refinance in West Palm Beach, but certain factors come into play. Depending on your type of loan and the lender you're working with, you might have to wait for a specific period before refinancing again. While there's no strict rule, it's important to consider these factors before deciding to refinance your home multiple times.

• How long does the mortgage refinancing process take in West Palm Beach?

  The mortgage refinancing process in West Palm Beach typically takes around 30 to 60 days to complete, considering the whole journey from beginning to end. However, the exact duration can vary due to several factors, including the specific type of loan you're pursuing, your credit score, and the processing time for your application.

• How much of your loan value is typically allowed for cash-out refinancing in West Palm Beach?

  In West Palm Beach, most lenders typically allow cash-out refinancing up to 80% of the value of your property's equity. However, some lenders might offer the possibility to cash out up to 90% of the equity value. This depends on factors like the amount of equity you have in your property and the lender's specific terms. Please note that borrowing 80% or more of a property's value often entails paying private mortgage insurance until the equity exceeds 20%.

• Is it possible to refinance a balloon mortgage in West Palm Beach?

  Refinancing a balloon mortgage in West Palm Beach is indeed possible. A balloon mortgage is a unique type of home loan that requires a substantial lump sum payment, known as a "balloon payment," at the end of a relatively short loan term, typically 5 to 7 years. Refinancing offers a solution by allowing you to obtain a new loan to cover the impending balloon payment. Many homeowners choose to refinance or sell their homes before the balloon payment becomes due.

• Do you need a new home appraisal when refinancing your mortgage in West Palm Beach?

  Whether an appraisal is required depends on the loan type, as not all loans in West Palm Beach need an appraisal. An appraisal assesses and ensures that the loan amount aligns with the property's current market value, providing clarity for both you and the lender during the mortgage refinancing 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.