STATESIDE MORTGAGE LENDING INC.
Jan Brazzell
Senior Loan Officer
Toll Free 1/888/600/7828 or Local: 813/636/8888

Many issues affect refinancing just like when you initially obtained the mortgage. There are nearly 100 different types of loans out there and each one is different. Please remember that everyone's situation and loan is different. Just because your friend or business acquaintance claimed they saved lots of money doesn't always mean every loan refinanced will.

About the only credit qualifying criteria is, that you have made your past mortgage payments on time. If you have done so you should have no trouble refinancing.

Lowering your monthly payment?

Taking years off your loan?

Receiving cash from your equity?

Locking into a fixed rate instead of the ARM (adjustable rate mortgage or Balloon Payment loan you're on?

To roll cost into the loan or pay them out of pocket?

How long do you hold out for the lower rate?

Usually, the first reason for refinancing is lowering the rate (percentage) or changing the loan term (years of loan)ie; "Rate and Term Refi." In most refinances the costs are rolled into the loan, depending on each individual circumstance and whatever rate percentage is feasible. You can opt to pay these closing costs up front if you would like also.

You must look at the big picture of how long you plan on staying in the home and what you will save over those years. I will be glad to calculate where the return of the refinance breaks even in comparison to your future move plan. Just as an added reminder, if you make one extra payment a year with the money you might be saving you can take almost 7 years off your mortgage!

The second reason to refinance is to take equity out ie; "Cashout Refinance." This is truly feasible if you lower your rate enough so taking out the cash does not raise your payment. It might be better to just get a second mortgage. Again, allow me to help you do the math to see what is best for your situation.

Maybe you have an adjustable rate and you want to convert it to a fixed rate. This again lends itself to close analysis of your particular situation. Again, I can help you see when you would recoup the difference in the costs and whether it would be a good idea to convert.

Is it better to roll cost into the loan or pay them out right? Honestly it is better to pay them out right, but seriously who has the average $2000.00 laying around to spend. Rolling cost in will raise your loan amount but you will make up the difference over the life of the loan. Keep in mind too, if you close your refinancing at the end of a month, you will not have a mortgage payment until the month after next. Your remaining escrow account from the original loan will be returned to you also in the first couple of weeks. I would be glad to do an amortization schedule for you. This can show you how to pay the loan to fit your needs.

Appraisal unless your original appraisal is less than 6 months old.

Title Insurance; If you have a copy of your previous policy and use the previous Title Company you will be given a "reissue rate."

Copy of your Warranty deed; needed for Title Company.

Copy of your home owners insurance policy.

Copy of Survey; We can use prior survey as long as nothing has changed, as in a pool being added, etc., or it is over 10 years old.

City/CO tax Stamps; loan amount divided by 100X . 35

State Tax Stamps; loan amount x. 002

Flood certification; just for all loans closing in Florida

Recording Fee's; cost per page of recorded mortgage and note.

Processing, Underwriting and Document preparation fees.

Courier fee's

Tax service fee's

The question I get asked most is "What are rates going to do? Are they going to get lower?"

Well, I'm not Sylvia Brown but I watch the market and news as much as possible. My best advice is if I can save you money now and you are happy saving that dollar amount, do it. Don't miss out! The old saying comes to mind "Would have... Could have...Should have..."

My best advice is be careful not to wait until you have to refi or you think the rate is going to come down another 1/10th of a point. Keep an eye out on the market and find a professional loan officer to guide you.

If you have any questions regarding a refinance or other loan programs feel free to call me at the numbers above or email me at: jmbrazzell@aol.com