Mortgage Refinance Rates in Smithsburg, Maryland
Take a look at our Mortgage Refinance Rates in Smithsburg , Maryland. Guardian Loan works with a network of larger lending institutions. Each lender has their special program or product that makes them attractive. We shop through our networks. And in doing so, we find you the most competitive rate and payment. More so, since it is a mortgage refinance, we weigh all of the benefits and factors. Then, with your feedback, we go with the program that best suits you.
Normal refinance transactions occur within two to three weeks. There are several factors that help determine qualification. These include the following:
- Equity In Your Home
- Current Mortgage Payment History
- Any other Judgements, liens or Civil Actions
Every bank or lending institution has the right to know how you have been paying your bills. They ultimately lend the money. So they want to make sure that there is an ability to pay. Sadly, we cannot help everyone. But, many times, even with blemished or stained credit, we still can issue you a mortgage refinance. Often, there may be an increase in the rate of the loan if the credit is spotty. So try to make sure that you pay your bills, credit cards, utilities and car notes on time.
Another important determination of your qualification involves your income. Be sure and gather all pay stubs, W2’s, award letters or tax returns. The underwriter wants to see that you ability to pay matches up with the new payment we will give you. So, start gathering these for us please.
Equity in Your Home
Mortgage proceeds from a mortgage refinance usually get determined based off of the amount of equity in your home. This is known as a loan to value. Simply put, the loan to value is a percentage of how much you owe versus how much your property is worth. Most times, we will need an appraisal performed on your property. This appraisal determines how much our investors can lend you.
Current Mortgage Payment History
A key factor in determining your credit worthiness is the Current Mortgage Payment History. Investors want to see a strong payment history on the previous mortgages. Usually they will go back two to three years. So make sure you are paying your payments on time. And always keep it within the thirty days. Or you may be restricted on the LTV or amount of cash you can borrow. As well, you may pay a higher rate of interest and payment if you have been late.
Any other Judgements, liens or Civil Actions
Sometimes, once a title search is performed on your property, things get found. Any other Judgements, liens or Civil Actions should be disclosed to your loan agent at the time of the application. This saves everyone a lot of time and aggravation for nothing. Mechanics liens for a disputed roof repair or back taxes can sometimes affect the lenders willingness to lend after the fact.
So in closing, we hope you have enjoyed our page on Mortgage Refinance Rates in Smithsburg, Maryland. We strive to help you with any questions or concerns you have during the process. Feel free to write us any time. And if you need basketball uniforms, lacrosse uniforms or soccer uniforms in Maryland, check the links out.