Get approvED now
Refinancing is a real estate transaction process of replacing your current lender with another lender that will offer you better loan terms for your existing property. The purpose of refinancing is to lower the monthly mortgage payment as well as the overall mortgage amount owed on a specific property. Another reason you may want to refinance your property is to cash out on potential equity within the property based on the increase of its value.
It is crucial to know your current property value, interest rate, and the loan amount owed before you decide to refinance.
No, you can only refinance on a property that you currently own, even if the property had already been paid off.
When you refinance your mortgage, either you refinance rate and terms or refinance cash out. The new lender will set up the new escrow account and you can expect an escrow refund sent directly to you in form of check in the mail.