There’s more to consider than just getting a lower mortgage rate. You should also weigh how long you plan to stay in your home. Use our refinance break even calculator, to determine the number of months to break-even if you refinance the loan. People typically start thinking about a refinance when they notice mortgage rates falling below their current loan rate. But there are some other good reasons for refinancing your home loan: If you’re [...]
Cash-out mortgage refinancing is a way to both refinance your home mortgage and borrow money at the same time. It allows you to borrow more than your current loan, typically up to 80 percent of your home value, and receive cash (cash-out) for the amount that is higher than your current loan balance. To qualify for a cash-out refinance, you'll generally need to get your home appraised. Cash Out Refinance Rates
Refinancing costs with lenders vary and typically include underwriting, appraisal fees, title fees, credit report, processing, doc prep, funding, wire transfer, and origination fees, and average between 2% to 5% of the loan amount. Using Upwell Mortgage, you only pay an Admin Fee ($1,295) and appraisal fee (typically $675 if one is required) so you always know exactly what to expect. If you have enough equity in your home, the fees can even be [...]
With many lenders, mortgage refinance transactions can take 45 to 60 days based on the complexity of the loan. Using our streamlined process, you can refinance your home in as quickly as 15 - 21 days. A dedicated Loan Officer will stay connected with you every step of the way.
Typical documentation needed for a mortgage refinance transaction includes: proof of income (W-2’s, current tax returns), homeowners insurance verification, credit information, your monthly debt amounts, total assets, and an appraisal.