Best Mortgage Refinance Companies in Kent

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 are the refinance options for people with low credit scores in Kent?

  People in Kent with low credit scores can refinance their houses using an FHA loan. The minimum requirement for an FHA loan in Washington, like in every other state, is 3.5% of the purchase price. However, the down payment requirement will be 10% for those with credit scores below 580.

• Which is the better option for refinancing a home in Kent: a cash-out refinance or a second mortgage?

  The decision between a second mortgage and a cash-out refinance when refinancing your home in Kent is influenced by your financial situation. If interest rates have dropped since you took out your loan, cash-out refinance is the better option, but you should expect potentially higher closing costs. Meanwhile, if interest rates have risen, a second mortgage is a better option, though it comes with an additional monthly payment.

• Can you refinance a second mortgage in Kent?

  You can refinance a second mortgage in Kent. You must find a licensed mortgage lender, verify your income, examine your credit score, and calculate your loan-to-value and debt-to-income ratios. Remember that closing costs for mortgage refinancing range between 2% and 6% of the loan's principal balance. If you refinance, you also increase your chances of losing your home.

• What can you do if your lender in Kent does not comply with the Homeowners Protection Act (HPA) during the refinancing process?

  If your Kent lender fails to follow the Homeowners Protection Act (HPA) during the refinancing process, you must notify the authority that regulates or supervises your financial institution. If the financial institution is a state-chartered bank, you may file a complaint with the Washington State Department of Financial Institutions. Complaints against national banks can be directed to the U.S. Department of Treasury, Office of the Comptroller of the Currency.

• What are the loan options available for self-employed residents in Kent?

  If you are a self-employed person looking for a loan to refinance your house in Kent, you have several options, including stated income/bank statement loans. A bank statement loan assesses a person's financial situation by utilizing bank deposits. This means you are not required to provide W-2 stubs to prove your income.

• 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.