Looking to refinance your mortgage? Here’s what you need to know about refinancing with HOC

With the COVID-19 pandemic still very much affecting people in several aspects of life, some homeowners are looking for refinance opportunities to lower their mortgage rates. Currently, mortgage rates are low, and many homeowners are taking the opportunity to refinance and save money.

With that said, HomeOwnership Center is expanding its offerings with a new lender relationship, United Wholesale Mortgage, to help homeowners get a lower mortgage rate.

In this blog, HOC’s loan originator Chris Vance discusses how a refinance could benefit some homeowners. 

For those who might not know, what is refinancing?

Refinancing is used to change the terms of the current loan like reducing a payment, reducing interest rate, or cashing out some equity in the home.

When is a good time to refinance? 

The best time to refinance is when interest rates are lower than the current mortgage interest rate, when you need some cash out of the equity of the home for a home improvement project or if you need to lower your monthly payment.

Is refinancing available to all homeowners? 

Most of the time, yes. It’s important to note that a homeowner’s mortgage must be in good standing with no late payments or past due amounts. Some mortgages have pre-payment penalties and/or subsidy recaptures that would make refinancing more of a burden.

Are refinance rates more expensive?

No, you can roll your closing costs into the loan and not have any out-of-pocket expense.

What does refinancing require of homeowners?

An appraisal and gathering of paperwork to prove income

How can HOC help with refinancing? 

Through our partnership with United Wholesale Mortgage, we can help families who would benefit from a lower monthly payment. Refinance can help by lowering their interest rate and payment amount.

How can someone get started with refinancing at HOC? 

Give Chris a call at 304-636-9115 extension 6 to find out more information on refinancing with HOC.