Steps in the Mortgage Process when you are Refinancing a Home

November 10, 2015 by 19 Comments

iStock_000003709509SmallThe process of getting a mortgage consists of several stages and typically takes anywhere from 30 – 45 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. With this post, I’m focusing on the steps involved with obtaining a refinance (aka refi) which are slightly different than the process when you are buying a home.

The steps below may not take place in the exact order I have listed and some steps may happen simultaneously. In addition, some lenders may have different procedures with how they process a mortgage.

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Puget Sound’s Hot Real Estate Market is Good News for Refis

October 22, 2015 by Leave a Comment

mortgage-porter-sold-homeIt’s no secret the the Puget Sound region has been experiencing a very hot real estate market… so hot in fact that it may be causing some home buyers to feel a little burned from competing with multiple offers as well as renters contending with rapidly rising rents. Recently KOMO 4 News shared that that Seattle currently has the nations hottest housing market. This is not only good news for those who are wanting to sell their homes, it’s also good news for home owners who may benefit from a refinance.

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What would you do with an extra $372?

March 13, 2015 by Leave a Comment

Money in pocket$372 is the average monthly savings that my clients who have closed on their refi’s so far in March. With higher appraised values, thanks to the hot real estate market driving up home prices, many clients are also eliminating mortgage insurance with their refi.

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What is Delayed Financing?

February 26, 2015 by 2 Comments

MortgagePorterHourGlassHouseIn today’s competitive housing market, we are seeing more buyers using “all cash” to purchase their homes. Delayed financing allows home buyers who pay cash for a home to obtain cash out, using a refinance, without it being treated as a “cash out” refi. A “cash-out” refi has stricter requirements, including having to wait 6 months after closing before being able to refi. Delayed financing allows home owners to recoup the cash used to purchase the home.

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Lower FHA Mortgage Insurance + Low Mortgage Rates = FHA Streamline Refi’s

February 3, 2015 by 1 Comment

Money in pocketHUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).

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Refinancing can help meet your 2015 Financial Goals

January 6, 2015 by Leave a Comment

moneyclockmortgageporterToday’s lower mortgage rates can help home owners with their New Year resolutions. The obvious first benefit of refinancing is often the reduced mortgage payment (or reduced mortgage term). There are simple steps you can take after closing your refi that can make a significant financial impact on your life.

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Money Saving Tips You Can Do Now for the New Year

December 4, 2014 by Leave a Comment

mortgageporterraiseThe other day, Get Rich Slowly published 14 Smart Money Moves to Make Before the End of the Year which I liked enough to share on my Facebook page and to also included here on my blog. 🙂  There are a couple “smart money moves” that are missing on this post that I would like to suggest for home owners.

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How much does a bump in interest rates impact home buyers?

September 26, 2014 by Leave a Comment

Kate portrait 4I’m reading an article this morning, “When Mortgage Rates Rise”, which addresses something that I’m often asked and that I also addressed recently on post here. Essentially, the “experts” are predicting that we will mortgage rates trend higher to around the 5% range by mid to late next year. Historically, speaking, 5% is not a high rate… in fact, I’m sure I wrote a blog post about when mortgage rates dipped as low as 5% back around 2008 . Our “problem” is that we have become accustomed to fixed rates in the 3 to 4% range. Mortgage rates have been at artificially low levels for a long period. And I agree that we will see this end as the Fed continues to pull back their support of mortgage backed securities.

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Filed Under: Economy, Interest Rates, Refinance, Residential Purchase
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