{"id":1165,"date":"2016-04-19T18:10:25","date_gmt":"2016-04-19T18:10:25","guid":{"rendered":"http:\/\/maximumlending.com\/new\/?page_id=1165"},"modified":"2022-02-13T01:49:40","modified_gmt":"2022-02-13T01:49:40","slug":"refinancing-process","status":"publish","type":"page","link":"https:\/\/maximumlending.com\/es\/refinancing-process\/","title":{"rendered":"Proceso de Refiniciamento"},"content":{"rendered":"
Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of the loan or helps to increase your home\u2019s property value, and in turn, its equity. The home refinancing process is similar to the home buying process. Home value, credit worthiness, and debt-to-income ratios will all be re-evaluated. Refinancing, in its simplest terms, pays off an existing mortgage and replaces it with a new one.<\/p>
At Maximum Lending, we are committed to working with you one-on-one in completing each step, in order to ensure a stress free experience. Whether you are refinancing in order to obtain a better rate, convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or tap into your home\u2019s equity, our expert loan officers will fully prepare you for the home refinancing process.
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Step 1: Get Prepared<\/strong><\/p> Before beginning the home refinancing process, it\u2019s a good idea to check your credit score, and gather required documents. Checking your credit score affords you the opportunity to clear up any inaccuracies; while having all required documentation at your fingertips will make the application process much easier. Here is a list of documents you may be required to provide:<\/p> Step 2: Find the Right Refinancing Option<\/strong><\/p> Now it\u2019s time for a little legwork. Whatever your reason for refinancing, you\u2019ll want to secure the best interest rates, as well as thoroughly research all available refinancing options in order to determine which option is best for you. When you refinance, you have several options, including: The Home Affordable Refinance Program (HARP), Reverse Mortgages (limited to seniors 62 years of age or older), and traditional refinancing. Our expert loan officers can provide you with detailed information on each of these refinancing options. You can also use our mortgage refinancing calculator.<\/p> Step 3: Complete the Application<\/strong><\/p> To apply for refinancing, you will be required to complete an application with one of Maximum Lending\u2019s expert loan officers. Application details include information about yourself and the property. All information provided should be accurate and match the documents you put together in step one. You will be required to provide documentation after applying for refinancing.<\/p> Step 4: Get Your Home Appraised<\/strong><\/p> Before approving your loan, Maximum Lending requires that all properties being considered for refinancing be appraised, in order to determine the property\u2019s appraised value. A licensed appraiser will thoroughly inspect the property, note the number of rooms, as well as note any special amenities and\/or characteristics that may affect the property\u2019s value. They will then compare the property to recent sales in the area and price accordingly. We take this value into consideration when determining the amount and terms of a mortgage.<\/p> Step 5: Close<\/strong><\/p> Once you\u2019ve received final approval, you are ready to close.<\/p> \t