Is it time to refinance?
If you’re like most people we know, your home is the biggest asset you own. But it’s not a set it and forget investment; how your largest asset is financed has serious consequences today, and tomorrow. That’s why we take refinancing so seriously. When you’re a homeowner, your mortgage is part and parcel to your long term financial health, and has mighty short term implications on your monthly budget and tax situation. For us, refinancing is an art and a science, and our mission is to ensure you always have the best loan for as long as you own your home.
How do you know if it’s time to refinance? Well, it’s likely you’ll get a call from us if we’ve done your loan in the first place, because we’re inveterate rate checkers and insist on keeping tabs on what’s best for you. But let’s say that you’re new to Downs Capital. Our first job is to get to know you and your goals, and fully understand how you’ve financed your existing home. If we think we can save you money, or meet another one of your goals with a new mortgage, we’ll let you know. But we’ll also tell you if it’s not time or it doesn’t make sense — and add you to our review cycle so we can let you know when it’s time down the road.
Now that we’re getting down to brass tacks, we’ll assemble a proposal for you that lays out all of the best available options. It’s a lot like when you got your original mortgage, only better because we’ll custom-fit the right loan program to your situation, whether you want to save money on a monthly payment, remodel your home, take equity out to buy a second home … or do something else with your money. Your proposal will include the calculations, and spell out the transaction costs and possible tax impact. This is about unlocking a great new future, not just replacing a loan.
Approval, Underwriting & Closing
Now the fun beings. We’ll help you assemble your paperwork so we can get you approved through Caliber’s online application. Since you’re already a homeowner, this process will bring you a lovely sense of deja vu. We’ll firmly escort your loan application through the underwriting process, limit the gathering of paperwork to the bare essentials, and help our underwriters understand that you are a delightful, experienced and fiscally responsible person who capably dots every “i” and crosses every “t”. We help you understand, and then satisfy, any conditions the underwriter may have before approving your loan. And when your loan does close, we celebrate.
Now that you’re all nice and refinanced, our work doesn’t stop. We’ll continue to review your loan, to ensure that it’s still competitive in the ever changing world of mortgages. Sometimes, even a half point can save you hundreds of dollars a month, and we know that puts real money in your pocket. After all, this is about you and building wealth, so we’re on it. Always.