How The Mortgage Refi Approval Process Works?

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Whether we’re talking about a single family residence, a second family home a investment property, a multi-family property, a mixed use property or even a commercial property, there are workouts for all these types of loans. So do you talk with CEOs of small businesses with multiple national locations or is this for Florida only? No, we’re a nationwide company so regardless what city or state your home or business is located in, we can negotiate with your lender and it doesn’t matter how many properties they have or locations? It can be anywhere. Whether you have one property or 10 properties each one has an individual and if there’s a strain making the mortgage payment, we can engage each and every lender, and negotiate some type of workout so whether you’re talking one property or 10 properties we can negotiate some type of workout so how come you can get to a lender but I can’t? Well, we have experience in processing mortgage documents, we have experience in loss mitigation services, which separate us from the average individual attempting to reach a lender and trying to negotiate some type of workout.

We know the lingo, we know the terminology, we know the proper departments to request to speak with in order to get assistance to help our clients. What happens on an individual file and a client fills out an application they fax it into the lender, it ends up going into the customer service department slash processing department well that’s not the department that makes any decisions on offering assistance to the homeowner. The department that makes the decision or at least completes the processing end of it is the lender’s loss mitigation department. In order to be successful you have to create a relationship with the loss mitigation department and you have to make sure that the file gets assigned to a negotiator or a relationship manager. This is an individual who will process the file to either successfully reach an approval or end up denying a file. The problem with the lender is, when that file gets assigned to a negotiator that individual negotiator is normally juggling four to five hundred files at a clip. So it’s very important that your processing department stays on top of the mortgage company to make sure that your file moves successfully through their system.

Should I Refinance My Mortgage?

In general, people refinance because interest rates are lower now than the interest rate on their note. Sometimes, people refinance because they want a shorter loan term to shorten the length of their loan and pay less interest over the life of the loan. Sometimes people refinance because they want to pull some cash out of their home to use for a home remodel or some other debt consolidation. So should you refinance your loan? That’s a question where you have to look at the pros and the cons with your mortgage advisor. If you do refinance to get a lower interest rate, you have to keep in mind that you’re doing what is called recasting your loan. So if you have a 30 year fixed, and you’re seven years into that loan and you can get a lower interest rate, you’re recasting into a new 30 year loan that will be seven years longer than the original and so that’s something that you need to calculate into your equation.

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