Mortgage Refinancing

Is it the right time for you to consider mortgage refinancing? Learn more about if and when it is the right decision for your home's financing.

Should You Refinance – Consider all your mortgage refinancing options.

Once you have made the decision to refinance your present loan, you will receive a Loan Estimate within three (3) days of application, which represents our best effort to disclose the cost of mortgage refinancing. Some items that may differ from the Loan Estimate provided are:

• Taxes. Actual taxes could differ from the estimates provided due to a new property assessment and new tax rates which are not reflected on your Loan Estimate. This can result in a discrepancy. Mortgage payments with escrow will be based on actual taxes for the improved property.
• Payoffs. The payoff statement obtained just prior to closing discloses the unpaid principal balance, escrow balance, accrued interest, short falls, and late charges due. Some servicers credit the escrow balance to the unpaid principal balance in the payoff calculation; others send the refund directly to the borrowers. If these funds are refunded directly, you will be required to advance funds at closing to establish your new escrow account and await the refund from your original servicer.

• Prepaid Interest. Mortgage interest that is paid in advance based on the loan closing date.