Refinancing may change the interest rate, payment, loan term, and total finance cost. Potential benefits and costs depend on the borrower’s circumstances, current loan, property, market conditions, and lender guidelines.
Mortgage refinancing replaces an existing mortgage with a new loan structure. Depending on borrower eligibility, property, equity, lender guidelines, and market conditions, refinancing may be used to change the loan term or structure, access available equity, or review other financing goals.
May allow eligible borrowers to change the interest-rate structure, loan term, or other loan features without primarily taking cash out. Available terms depend on lender and underwriting requirements.
May allow certain eligible costs to be included in the new loan, subject to program, property, lender, and underwriting requirements.
May allow eligible borrowers to refinance into a larger loan and access available equity, subject to property equity, borrower qualification, lender guidelines, and underwriting.
Refinancing may involve appraisal, title, escrow, prepaid items, lender fees, payoff-related charges, and other transaction costs. Costs vary by borrower, property, lender, loan structure, and transaction.
Certain eligible costs may be included in the new loan when permitted, which may increase the loan balance and total finance cost.
Compares the loan amount with the property’s value. LTV is one factor lenders may consider when evaluating available refinance options, pricing, mortgage insurance requirements, and underwriting.
Compares a borrower’s monthly debt obligations with gross monthly income. DTI is one factor lenders may consider when evaluating borrower eligibility, affordability, and underwriting requirements.
Borrowers may explore refinancing for different goals, including changing the loan term or structure, accessing available equity, replacing an adjustable-rate structure, or modifying borrowers on an eligible loan. The suitability of any refinance option depends on the current mortgage, borrower circumstances, property, costs, equity, lender guidelines, and underwriting.
Refinancing may extend the repayment term and increase the total finance cost, even when the new loan changes the monthly payment or interest rate.
Loans by Kelly helps homeowners explore mortgage refinance options based on their current loan, property, financing goals, and applicable lender requirements. Potential benefits, costs, rates, terms, and eligibility vary by borrower, property, lender, and market conditions.
3 Simple Steps to Start Your Mortgage Review
We begin with a conversation to understand your home financing goals and general mortgage needs.
We review mortgage options based on your goals, property type, occupancy, documentation profile, and applicable lender guidelines.
Submit a secure application to begin the mortgage review process. Any preapproval requires applicable documentation and underwriting review.
