Refinance Today for More Affordable Payments
Or Tap Into Your Equity For Other Things
Rely On Exceptional Lenders
We Know The Best Of The Best
Let SJSA help you gather intelligence about the process of refinancing and align you with the right people who will make your experience an enjoyable one. Through the years, we have developed solid trust-based relationships with top lenders who will help you get to the finish line in a smooth, efficient, and cost-effective manner.
Before You Refinance
A Few Things To Think About Before You Decide to Refinance
- Determine your goals for refinancing (IE: lower payments, reduce the term in order to pay off your home earlier, cash out for additional purchases, higher education for you or your children, etc.)
- Gather your income and asset verification paperwork such as your past two years tax returns, W-2’s, and past three months bank statements so that when you are pre-qualified, your lender can make an accurate assessment
- Let SJSA help you get pre-qualified by a seasoned mortgage professional – we know the best of the best!
- Become well informed about your borrowing power using the equity in your home
Still Have Questions?
HERE ARE SOME OF OUR MOST FREQUENTLY ASKED QUESTIONS
While your owner’s policy protects you the entire time you own your home, a lender’s policy expires once a loan is paid off. The new mortgage lender will need protection against any events that may have occurred from the time you purchased the property until the time you decide to refinance. For example, you may have taken out a second mortgage, a HELOC, or you could have had legal problems which resulted in judgments. These items would then attach to the property and affect the lender's security for the loan.
The new lender will need assurance that their lien position is solid, that there are no other liens on record that could affect their interest, and they also need to make sure you are still, in fact, the rightful owner. Perhaps you purchased the property as a single person and now you are married and occupy the property as your marital home. In this case, your spouse will be required to sign the security instruments giving permissions for you to move forward or he/she will be required to deed out of the property. Title insurance is the only practical way to provide assurances to lenders and investors who are lending money secured by your home.
It all comes down to smart spending and making sure you’re not being up-charged for things that do not apply. In New Jersey, the law states that when you refinance and are required to pay for a lender’s policy, you also have the right to select your own title insurance company. Although The Department of Banking and Insurance regulates title insurance premiums, the add-on costs can and will vary from company to company. The lender’s title insurance policy will be the single most expensive line item you pay for when refinancing. Therefore, it is important to understand and verify all of the charges you receive.
If our mortgage professionals determine that you are not quite ready to refinance due to credit blemishes, they have the “know-how” to help you clean up bad credit and re-establish good credit. Our team of professionals will stick by you throughout the entire process, working closely to guide you through the proper steps needed in order for you to refinance.
If you are in an adjustable rate mortgage and plan to stay in your home longer than you initially anticipated, it’s time to look into refinancing. Additionally, if you obtained a loan years ago which was considered a sub-prime or Alt-A loan, it’s also time for you to consider refinancing. Likewise, if your current interest rate is more than one or two percent higher than the current going rate, you may want to look into refinancing to lower your monthly payments.