Refinance - Ross Mortgage

Refinancing your mortgage will replace your current mortgage with a new one. With interest rates at their lowest since April 2015, mortgage applications have increased by nearly 9 percent. Deciding if and when to refinance can be a confusing process, but it’s often a smart move that will allow you to lower your monthly payments, shorten the term of your loan, and take equity out of your home for expenses or to consolidate debt. Ask yourself these questions to determine if refinancing is right for you.

What should my finances look like?
You’ll need to supply various financial documents and information to support your new mortgage. Remember how great your finances looked when you first purchased your home? That’s the ideal financial situation to be in when refinancing.

We look at your credit score, verify your employment, and tap into your payment history. Having a strong payment history, especially for your mortgage payment, is an important financial factor. We also look at your income to debt ratio. If your debt is a bit on the higher side, we can pay some of it off with your refinance.

When is the best time to refinance?
There are a few indicators as to when refinancing is worth it. Keeping an eye on mortgage rates is a great way to determine if it’s time to refinance. If you currently have private mortgage insurance (PMI) and have enough equity in your loan to drop PMI, it’s definitely time to refinance. We also refinance mortgages for a lot of our customers who have recently become empty nesters, looking to go from a 30-year term to a 20 or 15-year term.

Are there fees associated with refinancing?
Yes, there is a price to pay when refinancing. Many companies advertise “no closing costs” mortgages, but will hide the costs into the refinance. You typically have to pay some of the same fees associated with your first mortgage, like credit report, closing and appraisal fees.

I’m worried I won’t qualify for refinancing. How can I be sure or change this?
At Ross Mortgage, we treat each loan like it’s our own and only refinance when it makes sense for our customers. The best way to determine if refinancing is a smart financial choice is to contact a Ross Mortgage loan officer and request a mortgage check-up. For customers who don’t qualify, we set them up with a program to get them on track.

Are you considering refinancing your mortgage? Contact us today to schedule a mortgage check-up with one of our lending experts!

Mark Wiedemann

With close to 20 years in the mortgage industry, Mark Wiedemann serves as the vice president and retail sales manager at Ross Mortgage Corporation. As a top producer, most of Mark’s business has come from client referrals. This speaks to his dedication and commitment to providing clients with a satisfactory experience and streamlined mortgage process. Mark is a graduate of Central Michigan University and a native of Clarkston, Michigan, where he still lives with his wife, two children and pets. Mark is an avid hunter and fisherman and enjoys hockey, boating and traveling with his family.

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