REFINANCE YOUR HOME

Now is the time to take advantage of today’s low rates

Interest rates are still at all time lows that we have seen in decades. We are here to help you take advantage of these low rates before they are gone. Contact us today so one of our liecensed Mortgage Bankers can provide you with different loan scenarios to give you different examples of new payment options so you understand exactly how much you will be saving in order for you to make an informed and educated decision about your refinance.

Take advantage of the equity that you have built in your home

This option is popular at Direct Banc Mortgage for clients that have built equity in their home and would like to borrower against their home’s equity in order to finance or pay for other expenses. This is the time to take advantage of todays low rates while cashing out on equity of your home. You can borrower against the equity of your home and lock in a low rate at the same time!

Some of the ways that you can take advantage of the equity of your home include:

  • Remodel: You can take the money from your refinance to fund a remodel in your home such as adding or updating a room. You can remodel your kitchen or maybe your bathrooms as well.
  • Education: Do you have a loved one that is getting ready to graduate from high school? You can use your cash out refinance for your loved ones tuition.
  • Purchase: You may want to finance other opportunities such as an investment property or business opportunity. If your family is looking to purchase a new car, a cash out refinance can help you with that purchase as well.

Lock in a current low interest rate

It may be a good idea to lock in a fixed rate loan to have peace of mind in order to eliminate any risk of your adjustable-rate mortgage to adjust upward, which would increase your monthly payment.

Shorten your loan term

It can be a great idea to refinance from a 30 year fixed loan into a 20, 15, or 10 for many reasons but most notably to pay less interest over the life of your loan, which would mean more money in your pocket. We would like to help you shorten your loan term in addition to locking you in to a lower interest rate. Contact us so one of our licensed Mortgage Bankers can help you with a comparision between shorter terms so you can choose a loan term that makes most sense to you and your finances.

Mortgage Prequalification

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    Know How Much You Can Refinance For Or How Much You Can Cash Out

    When working with your Mortgage Banker at Direct Banc Mortgage they will be able to calculate a debt-to-income ratio to determine how much you can refinance for or how much you can cash out from your equity in your home.

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    Identify & Eliminate Any Credit Issues Early On

    When prequalifying for a home loan there may be credit issues that you may not be aware about. Direct Banc Mortgage will be able to advise you to clear up any issues so you can move forward with a refinance.

Mortgage Loan Process

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    Application

    This is the first step that gives your Mortgage Banker the information they need to help you decide on a great loan product tailored to your needs. It is very important that the information on the application is complete and accurate to prevent the loan from being denied later in the loan process.

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    Pre-Qualification

    You must prequalify for a home loan in order to know how much of a refinance you can qualify for or how much you can cash out.

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    Documentation

    In order to put a loan package together your Mortgage Banker at Direct Banc Mortgage will request from you certain documents that must be sent in a timely manner which can hold up the mortgage process if delayed.

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    Appraisal

    The apprisal will be ordered by Direct Banc Mortgage as soon as the underwriter grants a loan approval contiengent on conditions. The appraisal is preformed to insure that the value of the home is consistant with the loan amount for a refinance. The appraisal typically takes 5 business days to be completed and reported back to us.

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    Title Report

    The title report is ordered by your Mortgage Banker for a refinance. The title report is intended to show if there are any liens or other problems with the property.

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    Submission

    As soon as your Mortgage Banker collects all the documents needed for a loan package it is then organized and sent to an underwriter for approval. An approval typically takes from 24 to 48 hours.

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    Conditions

    When the underwriter grants an approval there are usually some conditions. These conditions may be “prior to doc” or “prior to closing.” It is extreamly important that all conditions be taken care of with your Mortgage Banker immediately in order to avoid any delays in loan signing. Once all the conditions are collected by your Mortgage Banker they are sent to the underwriter for final review and approval which typically takes from 24 to 48 hours.

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    Loan Docs & Signing

    Once the underwriter gives the final approval, loan docs will be ordered by the funding department which will be sent out to the escrow company to be signed by the borrower. The escrow company sends the loan docs by a mobile notary to make it convenient for our clients. Loan documents are the mortgage documents that you will sign to close and fund your loan.

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    Funding & Recording

    Once the loan docs get signed they get sent back to escrow where escrow packages them up and sends them back to Direct Banc Mortgage. The funder then checks all the signatures and makes sure all funding conditions are met. Once the funding conditions are approved by the funder the loan will be funded and recorded. This typically takes 24 to 48 hours after signing loan Docs. Overall the entire loan process takes from 14 to 21 days depending on how quickly the borrower works with their Mortgage Banker at Direct Banc Mortgage.

Choosing The Right Loan

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    We Are Here To Help You Choose The Right Loan For You

    After you prequalify for a home loan with one of our licensed Mortgage Bankers they will be able to assess your specific situation and will be able to advise you best with the right type of loan that you would be able to qualify for and fits your needs.

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    Conventional

    A conventional loan is a type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgage are conventional mortgages. Conventional mortgages may be fixed-rate or adjustable-rate mortgages.

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    Government-Backed

    A government-backed mortgage loan is a loan that is subsidized by the government. It protects lenders against defaults on payments, which makes it much easier for lenders to offer potential borrowers lower interest rates. The primary aim is to make home ownership affordable to lower income households and first-time buyers.

    There are various types of government-backed loans, which a Mortgage Banker at Direct Banc mortgage can educate you on. The most popular government backed home loan at Direct Banc Mortgage is the FHA loan.

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    Non-Conforming

    A non-conforming loan is a mortgage that does not meet the guidelines of Government Sponsored Enterprises such as Fannie Mae and Freddie Mac, and therefore cannot be sold to Fannie Mae or Freddie Mac. Some of the guidleines set by Government Sponsored Enterprises are maximum loan amounts, type of properties, down payment requirements and credit requirements.