Best Mortgage Refinance Companies in Metairie

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.
  

• Can you avoid paying the closing costs during mortgage refinancing in Metairie?

  You can delay paying for closing costs during mortgage refinancing, but you cannot completely avoid it. Some lenders in Metairie allow you to roll over your closing costs into the new loan. Essentially, you will be paying for the closing costs through your upcoming monthly mortgage payments. The lender can also raise your interest rate to recover the closing costs. These are the typical methods used in mortgage refinancing advertised as “no closing costs.”

• Can you still get mortgage refinancing if you previously had credit issues in Metairie?

  Some Metairie mortgage lenders work with people with past credit problems, but your loan’s interest rate might be higher since you are categorized as a risky borrower. The lender may also require a down payment that’s bigger than average, around 20-50%. The more issues you have with your credit history, the higher your refinancing cost will be.

• Can you get cash-out refinancing in Metairie if you already refinanced your mortgage in the past?

  You can refinance multiple times; there are no limits set as to how many times you can refinance your mortgage in Metairie. Also, cash-out refinancing is available even if you previously had another type of refinancing loan. Contact a local mortgage refinancing company to know how cash-out refinancing differs from rate-and-term refinancing.

• Can Metairie homeowners cancel a refinancing loan?

  Yes, refinancing homeowners in Metairie have the right of rescission. This is the right to cancel the mortgage contract within three business days after the last of the following occurrences:

  • Credit contract signing
  • Receipt of the Truth in Lending disclosure form or Closing Disclosure
  • Receipt of the right to rescind notice (must be two copies) So, if you received your right to rescind notice last, the day after you received it is considered day one.

• How much lower should the mortgage rates in Metairie be for refinancing to be worth it?

  Before refinancing, wait for the mortgage rates in Metairie to drop 1-2% below your existing mortgage’s rate. This range will give you a noticeable reduction in your monthly loan payments. If you are paying $770 monthly on your current loan of $100,000 with an 8.5% rate, a new loan at a 7.5% rate can drop your monthly payment to $700. That's $840 of savings in a year.

• 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.