Home Refinancing
We help make the refinancing process as easy as possible and are here to answer your questions every step of the way.
Bucks County Home Refinancing
Refinancing your home can help you meet your unique financial goals and make your budget work for you. At Stonebridge Home Loans, we work with homeowners in Pennsylvania, New Jersey, and Florida seeking financial solutions.
No matter the reason, we make the refinancing process as easy as possible and are here to answer your questions every step of the way. Learn about the refinancing process below, or just give us a call today at 215-357-7934 and we’ll answer all your questions.
The Refinancing Process
When you choose to refinance, you can first get pre-qualified to see what your borrowing options are.
1) Get pre-qualified to see what your borrowing options are
2) Lock your interest rate
3) An appraisal to confirm your home’s current market value
4) Underwriting, the standard review and approval process.
5) Closing, when all the paperwork is signed, and you receive your loan within a few days.
That's It!
At Stonebridge Home Loans, we navigate the home refinancing process for you, making it as convenient as possible. We explain all of your options and factors to consider so you can make an educated decision about your home refinancing plan.
Things to Consider When Refinancing
Things to Consider When RefinancingWhen you’re refinancing your loan, remember that if you are already 10 years into your mortgage and choose a 30-year mortgage, you are resetting your loan. This means you now have 30 years to pay off the loan. You can always opt for a shorter term to avoid having a later payoff date.
If you choose a cash-out refinance, it will have the same closing costs as the other refinances. This is 2-4% of the loan amount, which can be rolled into the loan.
Why People Refinance
Many people choose to refinance for several different reasons, depending on their needs and current financial situation.
Lower Monthly Payments
Save with a lower monthly payment when you refinance your home loan. This usually occurs when you refinance into a lower interest rate or a longer loan term. You can also adjust the term of your loan from 30 years to 15 years to save money on interest.
Switch Your Loan Type
Some people refinance to change the type of loan they have. If people have an FHA loan or an adjustable-rate mortgage, it is sometimes worth considering a conventional fixed-rate mortgage.
Debt Consolidation
Refinancing can consolidate all your debts into a single payment to help streamline your finances. Instead of having multiple bills with high interest rates, you can combine these bills into one monthly payment with a lower interest rate.
Home Improvements
A home refinance can free up money for home improvement projects. These projects help you enjoy the results while you live in your home and add value when you resell it down the road.
Types of Refinancing
There are several types of refinancing plans that homeowners can take advantage of. These include:
Rate & Term Refinance
- With this type of plan, a new mortgage replaces your current one. All payments are rolled into the new mortgage. You can lower your payment and change your term to pay off your loan faster. When you go this route, you receive a fixed payment for the life of the loan or an adjustable rate, depending on the type of loan you chose.
Cash-Out Refinance
- A cash-out refinance is a new mortgage that replaces your current one. All of the payments are rolled into a new mortgage. This allows you to access more cash and potentially adjust your rate.
Home Equity Loan
- A home equity loan is a second loan option that can be taken out alongside your current mortgage. There are fixed monthly payments on a lump sum. This type of plan allows you to access cash while keeping your mortgage rate.
FAQs About Refinancing
When is the right time to refinance?
Refinancing is usually a good idea if you can lower your interest rate or shorten your loan term. It also makes sense if you can lower your monthly payment.
What types of documents do I need to refinance?
Documents needed for a refinance typically include a driver’s license, recent pay stubs, W-2 forms for the last 2 years, a mortgage statement from your current home loan, and bank statements. Your loan officer will let you know which additional documents you may need to complete the process.
What is the difference between an interest rate and an APR?
The interest rate is the percentage of your loan amount that is charged when you borrow money. The Annual Percentage Rate (APR) is how the interest rate affects the payments over the course of a year, including additional fees.
Discover the Stonebridge Home Loan Advantage
People looking to refinance their home choose Stonebridge Home Loan because we have been in business for more than 18 years and have a team of licensed professionals ready to help you secure the best possible rates.
- We strive to always answer your questions within 24 hours of contacting us.
- We work to expedite the loan closing process, completing it in as little as 10 days.
- We are proud to attend closings to ensure that everything goes smoothly.
If you’re ready to experience a home refinancing process that will exceed your expectations, contact Stonebridge Home Loans today. Call us today at 215-357-7934 or reach out to us online to learn more.
We’re here to help you with your home refinancing.
Take the first step to getting the best rate! Getting started is easy… Give us a call or email us and one of our loan officers will be in touch.