Mortgage Refinance FAQs
What does it mean to refinance a home loan?
Refinancing is the act of replacing one loan with another loan that may feature more favorable terms, a lower interest rate, and perhaps even lower monthly payments.
Are there any benefits to refinancing?
Plenty. If the conditions are right, you could save a lot of money. Refinancing could help you turn a high interest rate into a lower one and, consequently, make lower monthly mortgage payments.
What is the Evergreen Digital Mortgage Advantage?
Evergreen offers a suite of digital mortgage tools to help simplify and streamline your home loan process. These digital tools include a mobile app, digital asset verification system, and eClose process.
Digital mortgage tools offer a fast, secure, and paperless way to provide the necessary information for your home loan. Often shortening your closing time, improving accuracy, and avoiding last minute surprises.
Is there a good time to refinance my home loan?
Perhaps, if one or more of the following conditions are present:
Interest rates are two or more points below your current rate.
The market value of your home has significantly appreciated.
Your current 30-year loan is less than 10 years old.
What is involved in the refinance process?
The refinance loan process is like that of your initial home loan process, only with fewer steps. Essentially, an Evergreen Home Loans™ loan officer will listen to your goals and then help you find the right loan solution to achieve those goals. Your loan application and home appraisal will land on the desk of an underwriter for approval. With the underwriter’s approval, you’ll close on your refinanced loan.
What is a cash-out refinance loan?
With a cash-out refinance, you can borrow additional money to pay off debt on other loans with higher interest rates, such as credit cards or car loans. Remember that interest rates on most refinance and home loans are tax deductible (consult a tax professional).