FAQ2022-12-05T10:59:57-08:00

Apply Today For Mortgage Refinancing

You’re not alone. Millions of people are in the same boat, which is why refinancing has become such a popular option. IMI Financial Group can help you find the right refinancing solution for you, so you can save money and get back on track.

Read Our Frequently Asked Questions

What Is The Process Of Mortgage Refinance?2022-10-27T15:53:24-08:00

The process of refinancing a mortgage usually consists of five steps: getting a new quote from a lender, shopping for a lender that offers competitive rates, completing the application and documentation process, approvals, and finally making the actual switch. Mortgage refinance is a major decision that should not be taken lightly. The next section will explain why mortgage refinancing is important to consider when living in an area where property values are growing much faster than one’s income or in an area where financial prospects are uncertain.

What Is A Mortgage Refinance Pre Approval?2022-10-27T15:51:58-08:00

Pre approval is necessary before a refinance application is submitted to lenders for consideration. Pre approvals allow borrowers the opportunity to accurately determine how much they may be able to save via the refinance process. Mortgage refinance pre approvals can be completed online or through an experienced mortgage lender. Mortgage refinance pre approvals are normally completed within minutes, while mortgage refinancing pre approval application should take no longer than 20-30 minutes for accurate results.

What Is A HELOC?2022-10-27T15:50:55-08:00

A Home Equity Line of Credit (HELOC) is a line of credit based on your home’s value. With a HELOC, you can borrow funds for any purpose and repay them concurrently with interest or in one lump sum. You can use this money to pay off existing debts such as credit card obligations and student loans, conduct home improvements, or pay for vacations, cars, college tuition, weddings.

How do I Determine How Much My Home Is Worth?2022-10-27T15:43:49-08:00

A real estate appraiser must go to your property in order to assess the value of your house. They’ll do a comprehensive examination of it and take measurements and evaluations. This is known as a ‘comparative market analysis.’ The process of comparing homes in comparable areas while determining worth is referred to as a comparable market analysis.

How Much Money Can I Borrow Through A Mortgage Refinance2022-10-27T15:44:44-08:00

As you have been building up equity in your home and paying off the principal amount with every payment. You can borrow by refinancing up to 80% of the equity you have in your home. However this is subject to any additional charges and fees.

When Should I Refinance My Home?2022-10-27T15:45:55-08:00

The best time to refinance your mortgage will be determined by your unique financial situation. It’s preferable to refinance your mortgage when you’re approaching the end of your term rather than renewing it. You may do so at any time, and you’ll have to pay prepayment penalty.

How Many Times Can I Refinance My Mortgage?2022-10-27T15:46:58-08:00

While there are no rules stating how often you should refinance your house, lenders will typically set a limit. Keep in mind that each time you refinance, your credit report will be updated, and this can have an impact on your credit score. Because a lender’s decision to grant your refinancing is based on your credit score.

I See Interest Rates Are Falling, Is It A Good Time To Refinance My Mortgage?2022-10-27T15:48:11-08:00

It is always important to check out more than just interest rates. You’ll want to look into your credit score, your home value, and the fees that are associated with refinancing. Also consider how long you intend on keeping your house.

What Is The Difference Between Refinancing And Renewing?2022-10-27T15:49:03-08:00

Refinancing is when you take out new loans for the amount you owe. Renewing your existing loan would only involve paying off the existing loan, usually with new terms and conditions.

How Long Is The Process Of Refinancing My Mortgage?2022-10-27T15:50:22-08:00

The time it takes to refinance your mortgage depends on the lender. Lenders have different requirements, and some may take longer than others. The more complex it is for a company to secure financing for you will result in a delay. Generally, however, you can expect this process to take less than 30 days.

What Is The Process Of Mortgage Refinance?2022-10-27T15:53:24-08:00

The process of refinancing a mortgage usually consists of five steps: getting a new quote from a lender, shopping for a lender that offers competitive rates, completing the application and documentation process, approvals, and finally making the actual switch. Mortgage refinance is a major decision that should not be taken lightly. The next section will explain why mortgage refinancing is important to consider when living in an area where property values are growing much faster than one’s income or in an area where financial prospects are uncertain.

What Is A Mortgage Refinance Pre Approval?2022-10-27T15:51:58-08:00

Pre approval is necessary before a refinance application is submitted to lenders for consideration. Pre approvals allow borrowers the opportunity to accurately determine how much they may be able to save via the refinance process. Mortgage refinance pre approvals can be completed online or through an experienced mortgage lender. Mortgage refinance pre approvals are normally completed within minutes, while mortgage refinancing pre approval application should take no longer than 20-30 minutes for accurate results.

What Is A HELOC?2022-10-27T15:50:55-08:00

A Home Equity Line of Credit (HELOC) is a line of credit based on your home’s value. With a HELOC, you can borrow funds for any purpose and repay them concurrently with interest or in one lump sum. You can use this money to pay off existing debts such as credit card obligations and student loans, conduct home improvements, or pay for vacations, cars, college tuition, weddings.

How do I Determine How Much My Home Is Worth?2022-10-27T15:43:49-08:00

A real estate appraiser must go to your property in order to assess the value of your house. They’ll do a comprehensive examination of it and take measurements and evaluations. This is known as a ‘comparative market analysis.’ The process of comparing homes in comparable areas while determining worth is referred to as a comparable market analysis.

How Much Money Can I Borrow Through A Mortgage Refinance2022-10-27T15:44:44-08:00

As you have been building up equity in your home and paying off the principal amount with every payment. You can borrow by refinancing up to 80% of the equity you have in your home. However this is subject to any additional charges and fees.

When Should I Refinance My Home?2022-10-27T15:45:55-08:00

The best time to refinance your mortgage will be determined by your unique financial situation. It’s preferable to refinance your mortgage when you’re approaching the end of your term rather than renewing it. You may do so at any time, and you’ll have to pay prepayment penalty.

How Many Times Can I Refinance My Mortgage?2022-10-27T15:46:58-08:00

While there are no rules stating how often you should refinance your house, lenders will typically set a limit. Keep in mind that each time you refinance, your credit report will be updated, and this can have an impact on your credit score. Because a lender’s decision to grant your refinancing is based on your credit score.

I See Interest Rates Are Falling, Is It A Good Time To Refinance My Mortgage?2022-10-27T15:48:11-08:00

It is always important to check out more than just interest rates. You’ll want to look into your credit score, your home value, and the fees that are associated with refinancing. Also consider how long you intend on keeping your house.

What Is The Difference Between Refinancing And Renewing?2022-10-27T15:49:03-08:00

Refinancing is when you take out new loans for the amount you owe. Renewing your existing loan would only involve paying off the existing loan, usually with new terms and conditions.

How Long Is The Process Of Refinancing My Mortgage?2022-10-27T15:50:22-08:00

The time it takes to refinance your mortgage depends on the lender. Lenders have different requirements, and some may take longer than others. The more complex it is for a company to secure financing for you will result in a delay. Generally, however, you can expect this process to take less than 30 days.

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Understanding your specific needs and objectives is important to us. Mortgage refinance, first time home buyers, reverse mortgage and home equity loans are our specialty. We listen and work together to create a truly unique and unforgettable experience.

“Our previous broker told us we were our of luck because of our consumer proposal. Had the chance to speak to the team at IMI and they were able to get us a private mortgage to pay off our consumer proposal early!.”

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