If It’s Time to Refinance, Did You Know You Still Can?

If you’re loving your home, but not loving your mortgage payment, it could be time to look at refinancing options. And despite the current situation with the COVID-19 pandemic and social distancing, you’re still able to refinance your home. Lenders, like GSF Mortgage, are deemed essential businesses and are still operating during these uncertain times. The application process and submission of the required documentation can all be done online to alleviate the need to meet face to face when you’re looking at applying for refinancing. There would need to be one face to face meeting to finalize the refinancing process, but we’ll take all the necessary precautions to ensure everyone’s health and safety.

There’s many reasons that homeowners choose to refinance, including reducing their monthly payment, lowering their interest rate, or changing the terms of their mortgage from an adjustable rate mortgage to a fixed rate mortgage. Do any of these reasons sound like they apply to you? Here’s the next steps to refinancing your home.

  1. Understand your refinance goals. Not pleased with your current lender? Consider a company that specializes in mortgage lending like GSF Mortgage.
  2. Submit an application. Just with your first mortgage, you need to be approved for the new loan when you refinance.
  3. Review your approval and complete the underwriting and closing process, just as you did when you were approved for your first mortgage.
  4. Enjoy the savings from your refinanced mortgage!

After refinancing, you should be in a much better position financially than you were before you refinanced. These benefits could be immediately realized through a lower monthly payment, or in the long run through paying less interest on a loan with a shorter term. Though it’s not appropriate for everyone depending on their current situation, refinancing your mortgage is a worthwhile consideration for every homeowner. There are always pros and cons depending on your terms or the timing, and it’s important to weigh those out before making your final decision.

If you’re looking for options to refinance your home, contact our team at GSF Mortgage to get started.