Refinancing their home mortgage is a viable option that many homeowners use when they want to reduce their monthly payments by taking advantage of lower interest rates. Here's the answer to one of the most commonly asked questions: Where can you refinance your mortgage?
A Brief Overview
Getting a mortgage refinance involves replacing your current mortgage loan with a new one. Generally, homeowners do it to save money on their monthly mortgage bill.
To qualify for this type of loan, you have to provide certain documents and specific financial information to your bank or lender, such as your tax returns and W2s, employment history, and credit report. This information is similar to what was required when you applied for your current mortgage loan.
But can you use a different mortgage lender this time around?
Yes, of course.
You are not required to continue doing business with your current bank or lender. Whether you would prefer to refinance your mortgage with the same company or go with another lender, the choice is up to you.
Before you make a decision, however, you should contact several mortgage companies to learn more about your options. Here is what you should look for in a mortgage lender. They can differ in customer service, expertise and rates. If you have any questions, we're here to help you find the best deal we can.
Live in New York? The Empire State offers a specific type of refinance loan called a CEMA mortgage.