Best Mortgage Refinance Companies in Columbia

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.
  

• When refinancing your house loan in Columbia, can you skip some months of your mortgage payments?

  Yes. You can avoid one to two months of mortgage payments when you refinance your home loan in Columbia. This is especially useful during the holidays when you give gifts to your family and yourself. Additionally, you can have cheaper monthly payments with a refinancing loan than with your present mortgage.

• What conditions must you meet to be eligible for the FHA streamline refinance program in Columbia?

  To qualify for the FHA streamline refinance program in Columbia, you must fulfill the following requirements:

  • It must be more than 210 days since your last refinance.
  • The mortgage you have now must be FHA-insured.
  • You have a FICO credit score of 620 or above.
  • For the previous 12 months, you must have paid your mortgage on time and in full. If you satisfy all of these criteria, you can start researching lenders and interest rates.

• Is it still possible to refinance in Columbia although your home has a second mortgage?

  Yes. Second mortgages in Columbia are often repaid through the refinancing procedure. A lender may combine both loans into a single new mortgage, requiring you to make a single payment monthly. If, however, you'd prefer to maintain your second mortgage intact, you must request to your second mortgage lender to continue maintaining their position while allowing a different lender to refinance the initial loan.

• What are the fees for refinancing in Columbia?

  The costs involved with refinancing in Columbia vary depending on the lender, however there are some basic costs that apply to all lenders. Included in these costs are third-party expenses like escrow, title, notary, credit report, and recording fees. There are additional costs as well, such as the points to lower the rate, closing costs, lender fees, interest, appraisal charge, and homeowners insurance.

• What is the normal time frame for Columbia conventional mortgage loan refinancing?

  There is often a period of six months waiting time if you choose the same provider to handle your conventional mortgage loan refinance in Columbia. The only exception is if you want to refinance your property for cash. For a cash-out refinance in Columbia, you must have owned the asset for a minimum of six months unless you got it as part of a divorce settlement or as an inheritance.

• 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.