A typical Refinance process - And what it can do for you

[David Kelly]

For those of you that have never refinanced, here are some of the benefits and how it works. I am bringing this up because the 10 year treasury is at an all time low - Today!  Refinancing to a lower rate allows you to lower your principle and interest on the loan - In turn, lowering your mortgage payment.  Another options is to do a cash out refinance.  If you have equity, you are able to refinance and get cash at closing (sometimes even lowering your payment at the same time!).  Its a great way to free up some good cash for your next investment.

     *The process doesn't require you to pay closing costs out of your pocket.

     *Sometimes you are allowed to skip up to 2 mortgage payments - Always 1 for sure.

     *You get an escrow balance refund about 30 days after closing

     *In some cases an appraisal is not needed!  This speeds up the process and lowers your costs.

     *This process can be done in as little as 2 weeks

If you haven't reached out to a lender to do a mortgage checkup, I highly recommend you do.  Typically a checkup will only take them about 15 minutes to complete.  Don't miss your opportunity!