Learn about the process

Quick look

After several years of homeownership, you may notice that your house has increased in value. At that point, it’s the perfect time to consider getting a lower refinance rate on your home. 

This decision can benefit you in a variety of different ways.

Getting started

Refinancing your home is the process of getting a new loan to pay off and replace the original one. 

This involves a similar pre-approval process, where your home will be reevaluated to determine its current value, and you’ll sign much of the same paperwork with a lender of your choice.

A successful refinance can save you from certain fees, secure a lower refinance rate, and put cash back in your pocket.

Things to consider

If you decide to refinance your home, there are several things to keep in mind. 

  1. You will rest the amount of time to pay off your loan to a new term length, albeit with a smaller cost. 
  2. Doing so will result in smaller minimum payments, though larger deposits will pay your loan off more quickly.
  3. You also may be able to lower your interest rate. If your former rate was 4%, your refinance rate could be 2%. 

Our team regularly monitors refinance mortgage rates to determine the ideal time to refinance your home. Once approved, you can often lock your refinance rate for a period of time while you figure out the details.

It’s also possible to turn your home’s equity into credit. If your home’s value has gone up and you’ve paid off a chunk of the principal, you may be able to refinance to withdraw some of that invested money and add that withdrawal amount back onto your loan. 

This can provide a strong reserve fund for:

  • Remodels
  • College
  • Unexpected circumstances

Bear in mind, everybody’s situation is different and our team will be able to help you find the most ideal fit.

Next Steps

Getting a lower refinance rate is optional, but greatly beneficial as a homeowner. Choosing to refinance can enable you to own your home outright in a shorter period of time and with less interest paid overall. 

While this depends on the direction of the market, some people may refinance several times to maximize their benefits. 

Regardless of your own approach, our team is ready to help you navigate the process.

Let’s connect

Our experienced team of mortgage loan experts is fully equipped to walk you through every step of the mortgage process.

From the moment you contact us until your first step into your new home and beyond, we’re prepared to go the distance with you. 

Fill out the form or give us a call at 425.268.0245 to get started today!

Frequently Asked Questions

When should I begin the home financing process?
While you won’t have to begin financing until you’ve finalized your decision on a home and begun making payments, it’s important to begin preparing for that moment as early as possible. Make sure to invest regularly in your savings account, spend within your means, and choose a home that fits your budget.
What factors influence my borrowing capacity?
Your borrowing capacity will typically be determined when you get pre-approved for a loan. During that process, your mortgage lender will verify your current income, credit score, assets, and revolving and installment debts like credit cards and student loans. By using those to calculate your debt-to-income ratio (DTI), they can approve you for a corresponding home loan.
What does the closing process look like?
Once everything has been set in stone, you will have a three-day review period to look over the final documentation. You will also have the opportunity to do a final walk-through of the house to ensure things are in order. After that review period, you will sit down with your lender and sign the final documentation. Congratulations on your new home!
What’s your rate?
Here at Rosa Briggs, we offer both fixed-rate and adjustable-rate mortgage loans. Fixed rates will provide you with consistent monthly payments for the duration of the loan, while ARMs will move up and down with the current market after an initial lower payment period. Contact us today to learn more about which option is right for you.

Find the right refinancing strategy with Rosa Briggs Home Lending.

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