Home Refinancing FAQs
Why should I refinance my home loan?
Many homeowners refinance their home loans to take advantage of low interest rates or to switch from an adjustable-rate to a fixed-rate loan. Others want to take equity out of their home to pay for a remodel or another large purchase. You can also lower your monthly payment by extending the term of your loan or shorten the term and pay your loan off faster.
How long does it take to refinance my home loan?
Usually, refinancing your home loan takes 30-45 days, but the timing can vary.
Why does my home need to be appraised?
When you refinance your home loan, your home is the asset that secures the loan. We need to verify your home’s current market value to ensure that it can serve as collateral for the loan amount that you want to borrow.
What are the closing costs for a home loan refinance?
A home loan refinance generally includes credit fees, appraisal fees, insurance and taxes, escrow and title fees, and lender fees. In some cases, they may also include points, which are expenses you pay up front to lower the interest rate over the life of the loan. Your VyStar Mortgage Officer can explain all of the closing costs when going over your options.
All loans are subject to credit approval.
