BasicFAQs & Tips
Refinancing may make sense for homeowners who:
  • Want to take advantage of lower rates.
  • Want to move from an ARM to a fixed-rate loan.
  • Want to take advantage of their high home equity to access cash.

Not always. It depends on your loan program and refinancing (rate and term vs. cash out). Your Loan Officer will be able to further discuss your appraisal options during the refinance process.

As a mortgage broker, we represent your interest rather than the interest of a lending institution. With access to a wide range of mortgage products, we can offer you the greatest value in terms of interest rate, repayment amounts, and loan products. We do the shopping for you and get the best available deal with the best rate/point combination combined with the best service.

Depending on the reasons why your credit is imperfect, there are great loan options available including government programs. Call and speak with one of us to determine whether or not you qualify for one of our programs.

Most refinance transactions take up to 30 to 45 days based on the complexity of the loan. Typical items extending the length of the process is the need to get an appraisal and/or a subordination. Complexity of income source can also lengthen the approval process. This can be alleviated as long as you do your part in delivering the documentation that we need in a timely manner.

Interested in refinancing your mortgage? Your next step should be a 10-minute call to a Mana Mortgage Loan Officer.

There are never any upfront fees to consider. Plus, we have access to every loan in the industry, so you can feel confident your refinance needs are being met quickly.

Call us today (link to call on mobile site version??), or schedule an appointment online so we can have a Loan Officer call you!

Points are prepaid interest that you can pay up front. You can pay points to get a lower rate on both fixed rate and adjustable rate mortgages, but the points charged to reduce the rate may vary depending on the type of loan. One point is equal to 1% of the mortgage amount. (Example: $100,000 mortgage amount = $1,000 point)

FICO stands for Fair Isaac Corporation. This company is a pioneer and leader in credit scoring. Your FICO score is a number that tells creditors how likely you are to pay off your debts.

FICO and the credit bureaus do not disclose their exact computation methods. However, most credit scores are calculated through models that assign points to different factors of your credit history to predict future performance best. There are many commonly analyzed factors in your credit history, including:

Payment history
Employment history
How long you have had credit
How much credit you have used compared to how much you have available
How long you’ve lived at your current residence
Adverse credit/financial events include collections, bankruptcies, charge-offs, etc.

Please note that your FICO score will always differ from the scores gathered through credit score apps such as Credit Karma or bank platforms.
In most cases, we will use the middle score of the 3 FICO scores that come back on your credit report. In the case of a joint application (2 borrowers), the lower of the two middle scores is used for the loan application.

A mortgage rate lock is a promise to you from the lender to hold a specific combination of an interest rate and points for an agreed upon time (typically 10, 15, 30, 45 or 60 days; custom lengths are also available) until you can close on your home. Locking in a rate protects you from unforeseen interest rate increases that can occur in the days or weeks leading up to closing, but conversely, if the rates fall, you may not be able to take advantage of the lower rates. Rate locks are dependent on the type of loan program, current interest rates, points, and the length of the lock. To hold a rate for longer periods of time, you usually have to agree to pay higher points or interest rates.

Talk to your Loan Officer before making a large purchase, incurring new debt, or moving money around in your accounts as any of these o could affect your loan. Likewise, talk to your Loan Officer if there is going to be a change in your employment. It’s best to have steady employment for at least 2 years and verifiable income when applying for a loan.

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