Common Refinance Questions
Determining if a home refinance loan is right can be confusing. That’s why we’ve put together a list of common questions that homeowners have when considering refinancing.
What Are Points?
Points (or discount points) are a way of lowering your interest rate. By paying 1% of the total loan amount up-front, a borrower can lower his interest rate by about 1/8%.
How does the APR Differ From the Interest Rate?
The rate refers to what percentage of your loan you will pay in interest per month, whereas the annual percentage rate (APR) is an adjusted percentage that expresses the yearly cost and also includes certain charges and fees.
Can I "Lock-In" an Interest Rate on a Refinance Loan?
Yes. Now is the time to refinance because interest rates are so low. You can “lock-in” your rate today by contacting us.
How Long does It Take To Go Through the Refinance Process?
A typical refinance usually takes between 2 and 4 weeks. Getting your home appraised is usually where most hangups occur so if you can schedule a home appraisal right away then getting a refinance loan is usually very quick.
These materials are not from HUD or FHA and were not approved by HUD or a government agency and in some cases a refinance loan might result in higher finance charges over the life of the loan.