The refinancing experience differs slightly from the purchase experience in that the borrower already has an existing loan and property that they call home. During a refinance, you will not go through a pre-approval process and you probably will not be working directly with a real estate professional.
Top reasons why clients refinance:
- Obtain a lower interest rate
- Eliminate mortgage insurance
- Refinance from an adjustable rate loan to fixed rate loan
- Change the length of the loan (i.e. 30 years to 15 years)
As you go through the exploration process and determine that refinancing your existing mortgage is in your best interest, The Novotny Lending Team will work with you every step of the way. As a borrower you will need to complete an application, provide all necessary documentation needed to have your loan approved, and meet all required conditions in order to clear your loan for closing.