How to Get a Better Rate For Your Home Mortgage Loan

Time to Get a Better Rate On Your Loan

Don’t be a prisoner to rates of years past. Talk to an Advisors Mortgage Group loan officer about how you can get a better rate on your existing home loan.

Get a Better Rate Call us800-778-9044 Find a local advisor

The Right Rate for Your Future

Buying a new home is an exciting, life-changing event, but as time goes by, things change. The economy fluctuates, your job status or income change, your family develops new needs — all these factors can affect the affordability and suitability of your current loan.

There are multiple reasons to refinance your home mortgage. The primary incentive to refinancing is the opportunity to get a better rate on your loan. However, that is not the only reason to refinance. Many homeowners refinance in order to shorten the term of their loan or as a way to eliminate the need for mortgage insurance. Refinancing in order to take cash out for investments, like a home addition or college payment, or to consolidate debt are also popular options.

No matter the reason you are looking to refinance your home, Advisors Mortgage Group can help you get a better rate and improve your overall financial position.

Get a Better Rate with Advisors Mortgage Group

When rates are low, refinancing your home is an attractive and popular option for many homeowners. However, there is often more to refinancing than simply searching for the best rate.

At Advisors Mortgage Group, we offer very competitive rates — but that is just the beginning. Often customers consult with Advisors simply to find a lower rate, but our loan officers won’t just stop there. Instead, they will take a look at a customer’s whole profile to help them understand their entire financial picture.

Advisors Mortgage Group officers never just hurry refinancing customers through the process. They take their role as advisors seriously (it’s even in the name!). Sometimes, a simple refinance doesn’t make the most sense for homeowners.

The officers at Advisors help homeowners know what will happen to their rate or their savings if they take cash out. At times, it may make more sense for customers to pay off their debt, which Advisors can help clearly outline. Our role is to help our customers understand what makes the most financial sense for them and their family.

Advisors Mortgage Group prides itself on being a valued resource for our customers. We live and work in the same area as our customers, so firmly believe in our role as a steward of our community. We strive to always represent best practices through transparency, commitment and dedication to our customers and their goals.

By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Before you decide to refinance, learn how Advisors Mortgage Group can help.

Gain Financial Freedom

Process of Refinancing

1
The Application
Unlike buying a home, there is no pre-approval stage required when refinancing a home. The first step in refinancing is simply to apply. Similar to the mortgage process, the lender will evaluate your current financial status before providing a rate and an approval.

Many online lenders will push you through this process. However, to get a better rate along with big picture financial assessment, talking with a local lender, like Advisors Mortgage, is essential.

Once you have chosen your lender, you may lock in or choose to float your rate.
2
The Appraisal and Underwriting
As with the initial mortgage process, the refinancing underwriting process will examine your current financial situation. They will also order an appraisal of your current home in order to establish your refinancing options.

Depending upon the value of your home, you may be able to take cash out or get rid of your PMI. The higher your home’s appraisal, the more options will be available to you.
3
The Closing
Prior to your closing, your loan officer will send you a closing disclosure, which includes all of the details of your refinance. Typically, closing for a refinance moves much faster than the closing process with a new home purchase, however the speed will be determined by the market and volume of closings in your area.

At the closing, you will sign all paperwork and pay any closing fees. Any cash out will likely be issued within a few days post closing.

Before I Refinance...

Common Questions About Refinancing

What is your rate?

Mortgage rates and refinancing rates are not always the same. Advisors Mortgage Group offers competitive rates for both mortgages and refinancing. Talk to your loan advisor to find out the best rate for you.

How much cash can I get out?

The amount of cash available varies for every customer, based on credit score, home appraisal value, and level of equity in the home. Talk to your individual loan officer to see the amount available to you.

Can I eliminate mortgage insurance if I refinance?

That depends upon the structure of your initial loan, current terms and status of outstanding payments and equity. Your Advisors Mortgage Group officer will be able to provide advisement based on your unique situation.