Best Mortgage Refinance Companies in Yonkers

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 refinancing options are available to the residents of Yonkers?

  The refinancing options available to the residents of Yonkers are similar to those for a normal loan since refinancing is essentially paying off an old loan with a newer and usually less burdensome one. The borrower remains able to select between adjustable-rate, FHA, HARP, and VA options to finance the purchase of a home.

• Do military veterans who seek refinancing with a VA loan in Yonkers still need to meet credit score and related requirements?

  Yes, military veterans who seek refinancing in Yonkers using a VA loan still need to comply with credit score and income requirements, though the entire sales price will be financed and the benefit is reusable. Borrowers must also have been honorable discharged from the service, and the refinancing has to be from one VA program to another.

• What is the necessary paperwork when refinancing in Yonkers?

  When refinancing in Yonkers, the borrower has to have copies of the most current tax returns, proof of income, and pay stubs. Lenders need to know how much money the debtor has and whether or not there is a chance of being repaid in full. Documents pertaining to savings and related assets may also be demanded.

• What measures should a mortgage holder in Yonkers take when looking for favorable refinance options?

  When looking for favorable mortgage refinance options in Yonkers, holders should look not only at interest rates but at the fees and terms of the new loan. Even if the interest appears cheaper on paper the fees and penalties paid on the old loan might make the new one more expensive in the long run.

• When refinancing a property in Yonkers, what impact does one's credit score have?

  When refinancing a property in Yonkers, the credit score is the most influential controllable factor that affects the interest rate one will receive. Lenders are likelier to give favorable interest rates to a borrower who has a good FICO rating because this indicates a tendency to pay obligations in full and on time.

• 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.