Refinance Now and Save!
December 7, 2023
Rates Have Dropped 1%
Now that rates have dropped about 1%, it may be time to look at a refinance. Refinancing your home mortgage is an easy to way to get a lower rate and save money repaying your loan with a lower monthly payment.
Often times the overall savings easily outweighs the cost to refinance. But keep in mind, not all refinances are the same; and while your mortgage servicer will tell you they can do it easier than any other lender, this isn’t true most of the time.
Lot’s of lenders advertise a streamline refinance, but each lender goes through the same steps to refinance your mortgage. These underwriting steps are required by the government, and while some lenders to cut corners and skip steps, they shouldn’t for the sake of whoever is buying the loan.
Same Servicer Refinancing
The government offers some alternative refinances for those with less than perfect credit or job history. These loans tend to have higher rates and fees, and are usually FHA loans. If you already have an FHA loan, this may be the best option for you, unless you’re able to refinance into a regular, conventional mortgage. Getting out of an FHA loan will save you even more money than just a lower rate. If you can’t qualify for the conventional mortgage, a same servicer FHA refinance is definitely worth considering. The loan officer with the loan servicer can advise you on what you qualify for.
A Streamline Refinance
A streamline refinance is a widely used term used by lenders to get your business. Not every lender has a streamlined refinance as the word implies. But at the end of the day, the lender that has the best rates, best processing staff and processes, and fastest closing capability will be the one that’s truly streamlined.
A streamlined mortgage is best defined as one that closes quickly and easily.
A streamlined refinance can easily close in as little as three weeks. Some take longer; even as long as up to sixty days. The reason some refinances get delayed is that there’s no home buyer or seller wanting to close on a mutually agreed upon date.
When you buy a home there’s a firm deadline on when the loan has to close. The seller is moving our, you’re moving in. The seller is moving into a new place, and you’re leaving an old home. These deadlines create urgency for the lender to get the job done on time. In a refinance, there is all too often a lack of urgency with most lenders because you’re already living in the home.
Bee is different in our approach to home purchases and refinances. We process a refinance file with just as much urgency to close as a purchase. Fast closings is one of the three things Bee is well known for—the others being instant pre-approvals, and low rates.
Bee’s streamline refinance consist of three main parts, applying, apply, approve, and close.
Bee makes it easy for a homeowner to apply for a refinance. You can do it on our site, over the phone, or in our next-gen app by appointment only. (The app is still in the development phase so we haven’t released it to the AppStore yet.) When you apply we’ll verify your income and assets electronically, if possible by employer and whoever you bank with, so that you don’t have to round up a lot of documents. Although you do have to send in some docs, our advanced technology and processes minimize the work you have to do.
This is where we review your credit, income, assets, and property information such as taxes, title, and home value. Although not always, many times an appraisal is not needed, savings you up to $1,000 depending on the size of your home. Bee’s fast underwriting turn times are what make the approval process go by as quick as possible. Once all the information is obtained, your file goes into underwriting for a final review and approval. Once clear-to-close has been issued, we can close in as little as three days.
Bee works with title companies, such as Millennial Title, the use the latest title clearing and loan closing processes. Most of the time Bee customers can close wherever they like, at home, the office, or one of our 12 offices. By not requiring homeowners to go to the title company at a certain time and sign a gazillion documents, closing happens around your schedule, when it’s easiest for your day.
Bad processes and human error can cause unwanted closing delays. When this happens, the lender rarely admits fault and covers the rate extension. A rates extension is a cost the borrower has to pay in order to extend a rate lock if closing is delayed and the rate is set to expire before closing. The best way to avoid unwanted and costly closing delays is to work with mortgage loan officers and processes that are experts at that they do.
At Bee, you work with one loan expert, start to finish. This dedicated loan officer works for you and acts as a liaison between you and the lender. They’re your primary point of contact and will be with you at closing to make sure all the closing docs are in order and that you have all your questions answered. Then, once you’re done signing, you’ll smile real big and hold up this sign.
While each homeowner’s loan is different, often times you can save over $100,000 by refinancing. Smart homeowners refinance every time rates drop a full point, regardless of closing cost, which are easily justified by the overall savings.
To see if you qualify for a streamline refinance, contact Bee at 855-626-1999 or apply here today!
If you’re ready to make the leap into homeownership, contact us today! Our dedicated loan experts will walk you through every step of the way ensuring you get a low rate and close quickly!
If you’re looking for a streamline refinance to lower the rate and payment, apply here today or call 855-626-1999 and speak with one of our expert loan officers in your area!
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Bee is a leading Florida mortgage broker with over 10 Florida local offices that’s been featured heavily in the local and national news for its instant pre-approvals, low rates, fast closings, and new mobile technology. For more news and resources, click here.