A refinance is paying off the existing mortgage loan and getting a new mortgage with different terms.

Best Reasons to Refinance

Most people refinance to get a better interest rate and lower monthly mortgage cost.  You can also get different terms when you refinance 15 year, 10 year, 30 year amortization. Another great reason to refinance is to take some of the equity in the home out to use for other purposes. We have had people take the equity out of their home for a refinance to improve the property, buy a vehicle or boat, pay off student loans and much more.

Time Frame To Refinance

To refinance a loan can take very little time. We have had refinances go through in  7 days but I would say the average would be two to three weeks.  There will be paperwork required to verify employment, income, and assets. The faster you can gather the  documentation needed the faster we can close on the refinance on your new great mortgage.

Up Front Cost To Refinance

At Fairview Lending we do not charge anything to do review your current mortgage and give advice.  We will review your current loan terms and see if refinance is a good option for you.  Sometimes it is not and we like to educate our clients so they make the right decision.  After our review we will give you what the current terms/cost are and get a mortgage application started.