Best Mortgage Refinance Companies in Wichita

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.
  

• Will you be able to acquire an FHA loan in Wichita if your credit score is low?

  FHA borrowers in Wichita must meet certain qualifications to get approved. One specific qualification is the ability to pay the minimum down payment. Lenders usually accept FHA borrowers with a credit score of 580 or higher may pay a 3.5% down payment. In some cases, lenders may still accept individuals with credit scores lower than 579. However, they may need to pay a larger down payment, usually 10%.

• Does the Federal Reserve in Wichita set mortgage rates?

  No, the Federal Reserve in Wichita does not set mortgage rates. However, the Federal Reserve can increase or decrease short-term interest rates based on the state of the economy. The Federal Reserve lowers rates when the economy is struggling and also raises rates when they need to tighten up the money supply. When the Federal Reserve rate changes, the prime rate for mortgages typically follows suit.

• Does Wichita provide surviving spouses access to VA loans?

  If you are a surviving spouse of a current or former member of the U.S. Military in Wichita, you can apply for a VA loan. To be eligible, the death should have occurred either during their active service or as a result of a service-connected disability. Also, you should still be single. If your spouse was a POW or classified as MIA for a minimum of 90 days, you remain eligible, and the same applies if your spouse was eligible for disability compensation.

• Can you pay your 30-year mortgage in Wichita in advance?

  You can pay your 30-year mortgage in Wichita early, but before doing so, you need to consider several factors, like whether there is a prepayment penalty on the mortgage, whether you have other priority debts you need to pay first, or whether your payment amount would serve you better elsewhere. You can pay off your 30-year mortgage early by making extra monthly or annual payments, refinancing the loan with a shorter-term mortgage, or paying the mortgage off completely.

• Can you renegotiate the terms of your existing mortgage in Wichita?

  Yes, you can renegotiate the terms of your existing mortgage in Wichita through remortgaging. This practice can help you pay off your current mortgage and replace it with a new one that offers better deals and conditions. You can remortgage at any point in your mortgage term. Some do it when the interest rate on the adjustable mortgage reverts to a higher rate, while others do it when they want to borrow more money against their property. Remortgaging is also usually done when a fixed-rate mortgage term ends.

• 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.