Best Mortgage Refinance Companies in Providence

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 refinance multiple times on the same property in Providence?

  In Providence, you can refinance your mortgage multiple times without a set limit, but some lenders might require a six-month waiting period between loan closure and refinancing. This might apply only if you refinance with your current lender. If you opt for a new financial institution, you could bypass the six-month rule. Note that these rules are for conventional loans from private lenders, and government-insured mortgages have different requirements.

• Is private mortgage insurance (PMI) required during a refinance in Providence?

  During a mortgage refinance in Providence, you might need to have private mortgage insurance or PMI if your equity is less than 20 percent of your home's value. PMI, which safeguards the lender in case of payment default, is typically obligatory for conventional loans with down payments below 20 percent. Similarly, if you are refinancing with a conventional loan and your home's equity is under 20 percent, PMI is likely to be required.

• What type of documentation do you need for refinancing a mortgage in Providence?

  For mortgage refinancing in Providence, you typically need to provide standard documentation with details about your income, such as your latest 30-day pay slips and W-2s from the previous two years. Additionally, asset information, including the past 60 days of bank or investment statements, is required. Current loan details, such as your most recent mortgage statement and homeowners’ insurance declarations page, are also part of the necessary documentation.

• Is it better to refinance with your current lender in Providence?

  If your credit score is not very strong, it could be beneficial to consider refinancing through your current lender in Providence. This is because being an established customer might offer you some advantages when it comes to credit qualifications. If you have been consistently making your payments on time with your current lender, they might be more willing to work with you even if your credit is not perfect.

• What is the "right to cure" law in Providence?

  The "right to cure" law in Providence allows borrowers or their authorized representatives to correct a home loan default. If the lender asserts grounds for accelerating the loan and requests full payment, borrowers can rectify the default by making the specified payment or performance within a specific timeframe. This opportunity is available until the property is transferred via foreclosure processes.

• 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.