Best Mortgage Refinance Companies in West Jordan

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 borrowers in West Jordan rely on the refinance rates found online?

  Borrowers in West Jordan should avoid relying on the refinance rates found online since most of this information is generic and cannot be applied to an individual's unique situation. Those who want accurate refinance rates should contact their mortgage lending company to perform an assessment using different factors, like employment history, credit score, and debt-to-income ratio. Afterward, the lender will provide a quote showing the actual rate of their refinance loan.

• Is there a mortgage loan appropriate for West Jordan borrowers who want to avoid closing fees?

  West Jordan borrowers should participate in a no-cost mortgage program to avoid paying upfront expenses during closing procedures. In this program, lenders can temporarily shoulder an individual's closing fees and increase their loan's interest rate or principal amount. Closing expenses like title insurance, loan application, and appraisal fees are eventually paid throughout the specified loan period.

• Can borrowers undergoing bankruptcy still apply for a new loan in West Jordan?

  Borrowers who are currently undergoing bankruptcy cannot apply for a new loan. This is because bankruptcy, short sale, or foreclosure can affect an individual’s potential to get approved for a loan. Most mortgage lenders and investors in West Jordan also follow strict guidelines. They only allow borrowers to undergo the loan application process after a two-year waiting period from the date of their bankruptcy dismissal.

• Do you need a co-signer to qualify for a mortgage loan in West Jordan if you have bad credit?

  If you have bad credit, you may need the help of a co-signor to qualify for a new mortgage loan in West Jordan. A co-signer can be a relative or friend who meets the lender's different loan requirements, from financial status to credit criteria. Co-signers should be aware of the implications since they can be held accountable when you cannot settle the monthly payments.

• What happens to your credit score after taking out a mortgage loan in West Jordan?

  Your credit score can temporarily drop after taking out a mortgage loan in West Jordan. Most lenders check your creditworthiness during pre-approval procedures by contacting different credit reporting agencies. These hard inquiries can cause a lower score. However, borrowers can also continue to improve their FICO scores by settling their monthly payments 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.