Best Mortgage Refinance Companies in Independence

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.
  

• Do you need to get pre-approved when you refinance in Independence?

  Yes, you must still go through the pre-approval process when refinancing in Independence. During this process, the lender will examine your income, credit score, and assets to determine which loan and interest rate are appropriate for your situation. A pre-approval letter can be obtained in as little as 24 hours or as long as a week. The letter can assist you in determining which lender offers the best loan for you. It is typically valid for 30 to 90 days.

• Can refinancing be detrimental to the credit of the borrower in Independence?

  Refinancing can cause a temporary drop in credit score. This is due to the fact that when lenders check the borrower's credit, the scores are affected. Another reason is that refinancing essentially amounts to taking on new debt. However, the borrower's credit in Independence will improve in a few months when refinancing reduces their debt amount or monthly payments.

• How does an FHA Simple Refinance in Independence work?

  The FHA Simple Refinance allows Independence homeowners to switch from one mortgage to another. Their new loan could be either an adjustable-rate mortgage or a fixed-rate mortgage. This refinancing type does not offer a cash-out option. Its steps are similar to those of a traditional mortgage, and may include credit qualification, home appraisal, and closing. It is an excellent choice for refinancing homes that have not appreciated significantly in value.

• When can you refinance an MHDC loan in Independence?

  After three years, you can refinance a Missouri Housing Development Commission loan. If not, the downpayment assistance must be repaid in full. Condominiums, manufactured homes, and duplexes in Independence are examples of properties that qualify for such loans. It is critical to contact a loan officer for more information on the loan's requirements.

• Can you apply for a bridge loan in Independence while putting up the property for sale?

  Yes, a bridge loan serves as a link between purchasing a new home and selling the old one. It is a short-term mortgage that borrows against the equity of the property and is a better option than a cash-out refinance. This is due to the fact that a refinance does not allow the borrower in Independence to sell their home. A bridge loan may be advantageous when purchasing a new home in a competitive market or when purchasing a fixer-upper home.

• 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.