Mortgage 101: Refinancing

We’re back with more mortgage 101
sponsored by Affinity Partnerships and
our two loan experts join me once again
John Alexander and David Villarreal and
they’re here to discuss refinancing. Good
morning. Good Morning. Good to
be with you, thanks for being here. Great. So I remember going
through refinancing a few years ago
maybe actually 10 years ago and here’s
my first question, how do I know
it’s a good time for me to refinance my
mortgage? There’s a lot of reasons on why
you might want to refinance. Sometimes you
just need to be able to get some equity
out maybe to help a child go to college,
maybe you want to do some renovations on
your home, or you may just want to reduce
your monthly payment. Rates have
a big impact on that but it really
becomes a personal goal and objective
question. And
David what options are available? Well there’s various options and
I think some of those options are the
ones that you have to consider in terms of
your specific needs. There’s an
option to refinance simply because you
want to lower interest rate and in
today’s market there is that ability for
many borrowers, the other is that you
may want to be able to have some cash for
whatever disposable needs you might want
to address. And let’s talk about
the process and what one can expect. You know
the process is pretty straightforward. It is. You need to have an
appraisal, you need to have your income
verifications, and your employment
verifications. There’s a series
of documents that you need to do
but you know what it’s pretty quick easy
to do just don’t be intimidated by it. And in
terms of quick how long does the process
take? Is it quick, is it pretty
fast? Generally it’s faster than a
full documented mortgage when you are
buying a home, but that also is
dependent on you as a borrower to be able to have
the documentation and satisfy the
needs and requests of that lender. Excellent
information as always, thank you gentlemen. You’re welcome. Thank
you and if you’d like more information on
refinancing’s you can go to affinity ps dot
com, that’s affinity ps dot com, or go our
website the balancing act dot com.

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