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(858) 605-0952 info@prospectfgi.com NMLS ID: 365482 BRE: 01779147

How to Have a Quick and Easy Refinance Process

Refinancing provides an opportunity for homeowners to save a substantial amount of money. Whether you want to reduce your monthly expenses or to pay your home off sooner, a mortgage refinance loan may be used toward reaching your goal. Working with a reputable mortgage firm could enable you to experience a quick and easy refinance process.

Benefits of Refinancing Your Existing Mortgage Loan

Securing a mortgage loan with a lower interest rate might reduce your payment enough for you to save a few hundred dollars each month. Over a period of 30 years, the savings that you realize may be directed toward certain financial planning goals, home repairs or other items.

Imagine if refinancing reduced your monthly housing expenses $200 per month. During the lifetime of a 30-year fixed-rate mortgage loan, your outlay in monthly payments would lowered by $72,000.

Perhaps, your goal is to lower your overall monthly debt. Using a portion of the equity within your home, you might be able to obtain a cash-out refinance loan that incorporates the pay off of your existing mortgage loan, credit card debt, personal loans and other monthly bills.

Refinancing could also enable you to pay off your home ahead of schedule. If you currently have a 30-year mortgage loan, a shorter term, such as a 15-year mortgage loan or a 10-year mortgage loan could be used to pay off your home sooner.

Check Your Credit Report for Accuracy

Since mortgage lending decisions will be partially based on your credit, you may be able to speed up the mortgage process by resolving any erroneous details that appear on your credit report. Invalid items on your credit report might negatively impact your overall credit score. And, with a quick glance at your credit report, you can share any issues or concerns that you might have with one of our licensed lending experts.

Gather Your Documents

Unlike the time frame and out-of-pocket funds needed to purchase your home, a mortgage refinance loan can happen via a quick and easy process. By gathering some of the standard items that we may need to evaluate, you will be prepared to submit underwriter-requested documents much faster.

Use a folder or a large envelope to compile a month of your most recent pay stubs, W-2’s for the past two years, several months of recent bank statements, billing statements for debts that you want to pay off and a letter that explains any derogatory items that appear on your credit report.

Apply Online for a Mortgage Refinance Loan

While you may call us at any to discuss refinancing your home loan, we encourage you to apply online via our secured mortgage loan application.

Submitting a fully completed loan application will help expedite your refinancing request. We will review your loan application and follow up with you promptly.

Considerations

Generally, it is quicker to refinance than it is to complete a purchase transaction. We use a seamless process to manage new loan applications from start to finish. Our experienced team of lending experts and processing professionals are here to provide you with amazing support.

For faster assistance, contact Prospect Financial Group today.

 

Jason Vondrak

Company President

Prospect Financial Group

948 Garnet Avenue

San Diego, CA 92109

NMLS: 349089 | BRE: 01837707

 

Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.

“I’ve had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership.”

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