Why REFINANCE YOUR existing home loan?
A mortgage loan is basically a piece of paper. What really gives you peace of mind are the benefits associated with the new loan once the loan process is complete. You'll find that most loans offer nearly a "Month of NO Payments" simply because interest is collected in arrears. There are different reasons for refinancing YOUR home loan and each reason offers a benefit. Here may be some of the reasons why YOU may be considering refinancing your home.
Debt Restructure - You may want to consolidate existing mortgages, student loans, automobile, credit card, liens, and judgements into one loan. By refinancing existing loans, your monthly payments can be combined into one simple payment at a lower weighted interest rate. The combined savings can be used to accelerate the pay-off of your new home loan.
Home Improvements - You can use the cash-out from a refinance loan to increase the value of your home by remodeling, upgrading, or installing new landscaping.
Family Education - Refinancing often can provide the cash needed in the event you are behind on building your child's college fund.
More Investments - Why waste money when refinancing gives you cash to invest? Stocks, bonds, and real estate are all closer to your reach when you refinance.
How do YOU begin the REFINANCE process?
Typically, refinancing YOUR new or existing home mortgage loan requires less documentation than when your originally purchased your home. You'll need to provide a short list of items to YOUR loan officer with Global Funding. Here is a short list of items you'll need to gather for the loan qualification process:
- Complete Loan Application
- Most recent one month of consecutive pay stubs
- Most recent two years of consecutive personal tax returns
- Most recent two years of consecutive Corporate and/or Partnership tax returns (self employed only)
- Most recent two years of consecutive W2’s
- Most recent two months consecutive asset statement for each account (Asset statements include bank accounts, savings accounts, IRA, 401K, pension, and stock portfolios)
- Homeowners Insurance Declarations Page
- Most recent mortgage statements for the all existing mortgage loans and credit lines
- Copy of Driver’s license and Social Security Card
Now that we've got that out of the way, the next step is to forward that information to YOUR loan officer with Global Funding to begin the qualification process. The loan officer requests a credit report to begin assessing your ability to repay the loan requested and to help YOU determine the best loan options to meet YOUR needs, TODAY.
What TYPE of home loan can I obtain by refinancing?
YOUR choice of mortgage type depends on how YOU feel about personal financial security. The type of loan and reasons why YOU would choose a particular loan is left up to a confidential conversation between YOU and your loan officer with Global Funding. YOUR mortgage loan options include the following types:
- Conventional (Mortgage insurance is required on LTV’s over 80%)
- VA (Guaranteed by the government)
- FHA (Government insured loan)
- Reverse Mortgage (Can obtain at age 62)
- Hard Money (Less than perfect credit or non-traditional income documentation)
- Commercial (All property types other than single family residence)
- Fixed Rate (Monthly principal and interest payments stay the same)
- Adjustable Rate (Monthly principal and interest payments fluctuate)