Best Mortgage Refinance Companies in Queens

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.
  

• If a resident in Queens is considering refinancing, what expenses might they anticipate and can these costs be integrated into the new mortgage?

  Residents in Queens can expect fees between 3% and 6% of their current loan balance during a mortgage refinance, and they can opt to fold these charges into the newly refinanced loan, sidestepping the need for direct, upfront payments. Such a choice facilitates an easier shift during the refinancing process.

• What's the timeline for fund release after refinancing a Queens property?

  Generally, funds become available to borrowers four business days after signing loan agreements for mortgage refinancing in Queens. Following federal regulations, borrowers have a three-day window to retract their loans, allowing for a refund if canceled within that period. The fund distribution adheres to this guideline, ensuring compliance and borrower protection.

• What refinancing options are available for equity buyout after a divorce in Queens?

  Refinancing and paying out the ex-spouse's share of jointly owned property in Queens can be achieved through a rate and term or a cash-out refinance. The former is advantageous for favorable rates and higher loan-to-value ratios, while the latter allows accessing home equity to compensate the ex-spouse for their share.

• Is it customary for individuals in Queens to engage an attorney when refinancing their property or during purchase transactions?

  In Queens, it's a personal choice to involve an attorney; while they're often a part of buying processes, refinancing generally sees less attorney involvement. Notably, many regions across the U.S. don't usually involve legal counsel in real estate deals. Thus, the need for an attorney hinges largely on individual preference and the specifics of the transaction.

• When is Private Mortgage Insurance required for mortgage refinancing in Queens?

  Private Mortgage Insurance or PMI is mandatory for first mortgage refinance transactions when the borrower holds less than 20% equity in the property. The cost of PMI is usually added to monthly mortgage payments. To avoid PMI, putting over 20% down on a property in Queens offers potential savings in monthly mortgage payments.

• 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.