You might be one of roughly 6.5 million Americans who could benefit from refinancing your home according to the Mortgage Monitor Report from Black Knight Financial Services.
About three million borrowers could save at least $200 a month by refinancing. By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage. A lower interest rate also could allow you to build equity in your home more quickly.
If you're considering refinancing, Sikorsky Credit Union may be able to help. We’ll start by reviewing your credit report.
Other items you will need include:
Copies of previous two years' W-2 forms;
Copy of two most-recent pay stubs;
Three months' worth of the most recent statements for checking/share draft and savings accounts;
Copy of current homeowners insurance policy;
The cost of appraisal and credit report; and
Social Security numbers of all applicants
When you refinance, you close your existing mortgage and create a new one. The approval process to refinance is similar to the process of obtaining your original loan. The team at Sikorsky Credit Union will consider your income and debt, credit score, and other factors affecting your financial situation.
Your new interest rate will be based primarily on your equity and credit score. When considering a refinance, you also want to understand your break-even point: Weigh the costs of refinancing against how much you’ll save each month to know when you will recoup costs over the length of your new loan.
Give us a call today at 203-377-2252. Or, if you would like us to contact you, complete this simple form and one of our helpful Home Loan Consultants will reach out to you to start the discussion.