Peter Pescatore

Suffolk Mortgage Refinancing

Looking to lower your monthly mortgage payments? Interested in decreasing the term of your loan, or perhaps seeking additional funds to settle other debts? Refinancing your mortgage could be the solution you need. Jet Direct Mortgage is here to guide you through this process, with our seasoned mortgage brokers in Suffolk County working diligently to find the ideal loan for your needs.

We provide an extensive array of loan options in Suffolk County, covering FHA, VA, USDA, conventional loans, and reverse mortgages, tailored to accommodate the diverse requirements of both homebuyers and homeowners, irrespective of credit history, income, or property type.

What Refinancing Can Do for You

1. Lower Interest Rate

Current market interest rates might be more favorable than when you originally secured your mortgage. By refinancing, you have the opportunity to benefit from these lower rates.

2. Reduce Monthly Payments

Circumstances evolve continuously for everyone. Refinancing offers an opportunity to lower your monthly payments, aligning them more closely with your present needs.

3. Take Cash Out

If you possess equity in your home and are looking to access cash, refinancing serves as a popular and efficient method to achieve this.

4. Change Loan Terms

The terms of your loan may have been appropriate at the time of origination, but there’s a good chance they can be adjusted to better meet your current needs. Refinancing allows you to modify your loan terms for a more suitable fit.

Speak to a Loan Offficer Now  1-800-700-4JET

How does refinancing work?

Refinancing your home follows a process akin to your initial home purchase experience, though it’s usually simpler. Just as with securing a purchase mortgage, refinancing requires a credit evaluation, submission of financial paperwork, a property appraisal, and completion of the underwriting process. On average, the time frame for refinancing a mortgage is comparable to that of buying a home, generally spanning 30 to 45 days.

Types of mortgage refinance

Multiple mortgage refinance options exist to meet various financial objectives, including:

  • Rate-and-Term Refinance: This option allows you to adjust your loan’s interest rate and/or term.
  • Cash-Out Refinance: Enables you to withdraw a portion of your home’s equity in cash.
  • Cash-In Refinance: Involves making a large lump sum payment during the refinancing process.
  • Streamline Refinance: Specifically for FHA, USDA, and VA loans, offering a faster process with less documentation than traditional refinancing.
  • No-Closing-Cost Refinance: Eliminates upfront closing costs, either by rolling these costs into the principal balance or opting for a slightly higher interest rate.
  • Short Refinance: Designed for borrowers who are underwater on their mortgages, allowing the lender to refinance the loan at the home’s current market value to assist with repayment difficulties.
  • Reverse Mortgage: Available to senior homeowners, converting home equity into a steady stream of income.

How to refinance your mortgage

Refinancing your home or investment property involves a process similar to applying for a purchase mortgage: Your lender will review your financial status to evaluate risk and decide on your eligibility. Below is a summary of what to expect:

  • Establish a specific financial objective.
  • Review your credit score and history.
  • Calculate the amount of equity you have in your home.
  • Explore options with various mortgage lenders.
  • Organize all necessary documentation.
  • Get ready for the property appraisal.
  • Be prepared to bring cash to the closing, if required.
  • Monitor the status of your loan.

Mortgage Refinance Calculator

How long will it take to break even on a mortgage refinance? Use the mortgage refinance calculator to sort through a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. The mortgage refinance calculator helps sort through the confusion and determine if refinancing your mortgage is a sound financial decision.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.