Best Mortgage Refinance Companies in Boise

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.
  

• How much does it cost to refinance a mortgage in Boise?

  Refinancing a mortgage in Boise typically costs 3% to 6% of the outstanding principal balance. For instance, if a homeowner still owes $200,000 on their original mortgage, his or her refinancing fees may cost $6,000 to $12,000. Refinancing costs may also vary for every lender, hence, it is ideal to ask for mortgage refinancing quotes from multiple lenders.

• Will your credit score decrease if you apply for a mortgage refinance in Boise?

  If you plan to refinance your mortgage in Boise, your credit score will most likely drop, often by less than five points, especially during the first lender's credit check. Your subsequent applications, on the other hand, will not lower your score any further. To minimize the influence on your credit score, it is recommended that you submit all of your applications within two weeks.

• How soon can you refinance a current mortgage in Boise?

  In Boise, there are required time periods before homeowners can refinance their mortgage. For instance, if you have an FHA, VA, or USDA mortgage, you must wait six to 12 months before applying for a refinance. If you want to apply for a conventional cash-out refinance, you must have owned the home for at least six months. This regulation does not apply if you inherited the home or if it was awarded to you after a divorce, separation, or domestic partner dissolution.

• Can you access all your equity in a cash-out refinance in Boise?

  A cash-out refinance in Boise does not give you the guarantee that you can access all your home equity. This is because some loan programs may only allow you to cash out a certain percentage of your equity, depending on your loan-to-value ratio. There are loan programs that allow you to take cash out up to 100% LTV, while others will only permit you to cash out up to 80% LTV.

• Is there a limit on the number of times you can refinance your mortgage in Boise?

  There is no limit to how many times you can refinance a mortgage in Boise, as long as you are qualified. However, keep in mind that each time you refinance your mortgage, you will incur new refinancing and closing expenses. Thus, it is recommended that you consult with a licensed loan officer before refinancing a mortgage.

• 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.