Best Mortgage Refinance Companies in Huntington

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.
  

• What factors do lenders consider when approving mortgage refinancing in Huntington?

  Mortgage lenders in Huntington have different requirements, but there are three key elements they look at when approving or rejecting a refinancing loan: the borrower’s credit score and debt-to-income ratio, and the house’s current equity. Borrowers with past credit issues or insufficient home equity can still have a chance at refinancing through government-backed loans like FHA.

• How much closing costs do you typically pay during mortgage refinancing in Huntington?

  Closing costs for mortgage refinancing range from 1% to 5% of the loan’s total value. These costs usually include house appraisal, loan application and origination, title search, documentation, and recording fees. If the house you’re refinancing is in a flood zone, prepare to also pay for flood certification. It is advised that you check out the closing costs of multiple mortgage refinancing companies in Huntington to find a competitive loan package.

• Is it a good idea to fund your home renovation with a refinancing loan in Huntington?

  If you are strategic with the loan type you pick and the renovations you use it for, a renovation refinancing loan may be ideal for the long term. Refinancing can get you a lower interest rate, hence, lower monthly payments moving forward. And, if you make value-add renovations like a room addition, it can also help increase your home’s market value. Most renovation loans in Huntington allow you to cash out up to 80% of your equity for use on renovations.

• When is a good time to refinance your mortgage in Huntington?

  To make mortgage refinancing worth it, wait for the mortgage rates in Huntington to go 1-2% lower than your existing mortgage’s rate. This range will yield a noticeable difference in your monthly payments. Note that rates may fluctuate from the time you apply to the time you close the loan. If you are happy with the interest rate on the loan estimate, you can choose to have the rate locked in for a set period, usually up to 60 days.

• Can refinancing get rid of your second mortgage in Huntington?

  Yes, refinancing can get rid of your second mortgage. Ask your Huntington loan officer about refinancing your home with a mortgage or debt consolation loan. This pays off your first and second mortgages through a new loan with an interest rate that’s lower than the rate of the two existing mortgages, meaning you’ll only have to pay a single and smaller monthly payment. Generally, lenders require you to have 20% home equity to refinance your first and second mortgages together.

• 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.