Traditionally, the question, "to refinance or not to refinance" has meant balancing the savings of a lower monthly payment against the costs of refinancing. However, with the introduction of "no cost" and "low-cost" refinancing options, out-of-pocket expenses can be almost or completely eliminated! Many people say that in order for the refinance to make sense, the interest rate for the new mortgage must be at least 2 percentage points below your current mortgage rate. Indeed, if you plan to move in only a few years, the month-to-month savings likely won’t add up to the costs incurred during refinancing.

Waiting for a better rate can be a drastic mistake, so don’t wait too long before you lock in your rate! In trying to time the market, you may miss out on the ideal opportunity to refinance at the right rate.

At Applied Wholesale Mortgage, we have the technology to streamline the application process making it a cinch to close your loan in no time flat. An over-the-telephone interview with one of our Loan Specialists will take less than 15 minutes. We will then establish the purpose of the refinance which may sound oversimplified, but while one family may want to access equity in order to pay for a college tuition, another family may simply want to refinance to lower their total monthly obligations. Our Loan Specialist will then take into consideration your current monthly debt obligations in order to determine which loan product will best fit your needs.

Then, with everything in order, the next step is to complete the loan application. Once the application information is processed, submitted, and approved, the refinance process will be complete. You can trust your Applied Wholesale Mortgage Loan Specialist to determine what is truly best for you.