Best Mortgage Refinance Companies in Arlington

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.
  

• Would it be possible for a borrower in Arlington to refinance their primary residence to an interest-only loan?

  Yes. Refinancing an interest-only loan is usually popular among property investors because of its tax benefits. Homeowners in Arlington can qualify if they have a valid reason for the change, substantial financial means, and strong credit history. They must apply their primary residence's mortgage to an interest-only loan only if the new loan amount is 80% or less of the total home value. However, some lenders allow up to 90% with some strict guidelines.

• Can you refinance an Arlington home that has a tax lien?

  It is possible but it will make the refinancing process more complicated. You will have to go through the procedure of federal tax lien subordination, which is basically asking the IRS to let the refinance loan be the first priority on the home's debt repayment instead of the pending taxes. If you need to verify if your Arlington home has a tax lien, call 1-866-722-2551 or send mail to the address below. Clerk’s Office, State Corporation Commission PO Box 1197 Richmond VA 23218

• For a Fannie Mae cash-out refinance in Arlington, do you need to have another borrower's name on the title?

  Having another borrower's name on the title for at least six months is one of the eligibility requirements of a Fannie Mae cash-out refinance. There are exceptions to this six-month waiting period rule. Some of these are the property in Arlington being an inheritance or legally awarded in a divorce and meeting the delayed financial requirements. If the borrower is the primary beneficiary of a trust, the counting of the waiting period may start at the time the property was held in the trust.

• What can you do if your refinancing application in Arlington is denied?

  Check the reason why your application in Arlington is denied. There are many reasons for this, and some include having a low credit score and too much debt and being late with your mortgage payments. Take the time to improve your credit score if this is the reason. If your problem is being underwater on your mortgage, try applying for Freddie Mac’s Enhanced Relief Refinance Mortgage program or the High Loan-to-Value Refinance from Fannie Mae when you have either of these loans.

• Should you need to review your credit score thoroughly before you refinance your mortgage in Arlington?

  Yes, according to statistics, about a third of the population found errors on their credit reports. You will use your credit score to get approved for refinancing by a lender in Arlington and even to qualify for a better interest rate. Therefore, it is crucial to check the report thoroughly. Obtain a free copy of your report from TransUnion, Equifax, and Experian, as they give these reports each year.

• 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.