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Your Mortgage

REFINANCE

to help plan your future

Do you know the benefits of refinancing your mortgage? By adjusting your mortgage terms to have a lower interest rate or an extended term to lower your monthly payment, refinancing can be a terrific tool to enhance your monthly cash flow. To consolidate your first and second mortgages into one, or to restructure current debt, refinancing can be useful.

GET STARTED
THE REFINANCE PROCESS IS SIMILAR TO WHEN YOU FIRST GOT FINANCING FOR YOUR HOME, AND MANY OF THE COSTS ARE REDUCED.

1. CONSULT AND APPLY FOR A REFINANCE LOAN

Our American Pacific Mortgage advisors will help you determine what you want to accomplish with your refinance and let you compare loan programs side by side. Once you have selected the program that best suits your needs, you will apply for a new mortgage loan.

2. DOCUMENTS TO PROVIDE

When you apply for a refinance, you will provide personal information to the lender verifying your personal assets and debt. To expedite the process, you will want to start gathering the following items for all borrowers on the loan:

  • Income Statements: W2’s from the last two years, or signed copies of the last two year’s tax returns if self-employed. Self-employed borrowers should also bring profit/ loss statements or balance sheets for the current year

  • Asset Information: Most recent bank statements, most recent 401ks, IRAs, mutual funds and securities account statements

  • Current Mortgage Information: Contact information for the original lender, a copy of your current payment coupon, and the outstanding mortgage balance on the existing loan

  • Homeowner’s Insurance: The name of your Homeowner’s insurance company and their contact information

May be the Time to Refinance

Now

Let us help guide you through the process

Considering whether to refinance depends on a lot of factors. Your answer to “why” may include wanting to lower your payments, shorten your loan term, or possibly tap into your equity to pay off debt or build a pool in the backyard. Each type of refi has nuances that can affect the type of loan program that is right for you. 

The other big factors are your current loan and your current financial picture. You may have improved your credit score, received a raise—or even gained enough equity to allow for the removal of mortgage insurance. Maybe your original loan was taken out when you thought you were only staying for a few years, and now it doesn’t make sense for a more long-term commitment. 

Whatever your why is or what your current financial picture looks like, we’re here to help. We offer a complimentary mortgage checkup to all of our clients. We can take a look at all of the factors and then look at the available options in today’s market and make a recommendation for what makes sense for you. That recommendation may be to sit tight for now, or it might mean you can achieve your goals right away. Either way, we have you covered.

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