Best Mortgage Refinance Companies in Tacoma

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.
  

• For a borrower in Tacoma, when is cash-out refinance advantageous compared to a rate-and-term one?

  A cash-out refinance is advantageous if the borrower in Tacoma needs cash quickly. It is useful in paying off high-interest debts or investing in a lucrative venture. However, it has several disadvantages over a rate-and-term refinance, and some of these are mortgage amount increases and higher interest rates. For borrowers with a loan-to-value ratio greater than 80%, private mortgage insurance may be mandatory in a cash-out refinance.

• Where can you find a HUD-approved counseling provider in Tacoma for your mortgage concerns?

  Check out the Tacoma/ Pierce County Habitat for Humanity by calling (253) 627-5626 Ext: 120. You can also go to its office in person at 4824 S Tacoma Way, Tacoma, WA, 98409-4447. It offers group counseling, phone counseling, and video conferencing for matters such as financial management, pre-purchase guidance, and homebuyer educational workshops.

• Is it possible to get a lower mortgage rate in Tacoma without applying for refinancing?

  It's possible to get a lower mortgage rate in Tacoma without applying for refinancing, but there are fewer options. Through mortgage modification, a borrower can request a lender to adjust a loan due to financial hardship by cutting down interest rates, extending a loan term, or lowering the principal balance. A loan modification is only applicable to select borrowers. They must be behind their monthly amortization or predict to be with upcoming payments. Experts recommend pursuing this route only in grave circumstances.

• During a divorce in Tacoma, what are the ways to avoid a refinanced separate property to be a community property?

  If you have a separate property in Tacoma and refinance it, try not to put your spouse in the credit pledge so that it will not be considered community property. In general, putting your spouse's name on the mortgage does not automatically make a property the couple's property because Washington is not a title state. It will be different once your spouse signs the mortgage liability document.

• Will the City of Tacoma be able to grant loan subordination requests for refinancing purposes?

  Yes, call the Financial Assistant of the Tacoma Community Redevelopment Authority at (253) 591-5059 for more information on loan subordination requests. For refinancing purposes, borrowers who want to request the TCRA to subordinate its liens can also contact the financial assistant. The TCRA office is located in Room 808 at 747 Market Street, Tacoma, WA 98402.

• 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.