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Preferred Mortgage of Monroe, Louisiana

Refinancing

Refinancing is the process of paying off one loan with the proceeds from a new loan, using the same property as security.

How can refinancing help me?		When should I refinance?
Lower your rate		Rates have lowered significantly since obtaining your original loan.
Reduce the term or your loan and lower the total cost of your loan.		You wish to use the equity that's built up in your home.
Consolidate debt.		To shorten your mortgage payment period.
Make home improvements		Fixed rate works better for you than an adjustable rate or vice versa.
Switch from and ARM to a fixed rate
Avoid paying PMI (mortgage insurance)

If you've had a good payment history in your existing mortgage then you may be able to qualify for a better rate if you had poor credit in the past. Lenders can see that you're a good risk, and that makes the qualifying process easier.

Your lender will need to verify your income, employment, account balances, etc, just as when you first financed your home. Also you will need to provide current paystubs, bank statments, 2 years income taxes, and order a new appraisals as well as pull a new credit report.