Mortgages Made Simple
Refinancing a Home FAQ
1. I want to refinance to a shorter term. Do I need to qualify again?
If you refinance to a shorter term, the resulting higher house payment will require that you qualify. This is a relatively simple process.
2. I want to refinance in order to get my co-borrower off the title and to be solely responsible for the payments. Do I need to qualify again?
Yes. But this time we will base the underwriting decision on solely your income, debts, and credit.
3. Can Virtua refinance a loan they do not currently service?
Yes, we can. Contact a Virtua Funding representative to get refinancing details. You can speak with a Virtua Funding representative on the phone by calling 801.206.9354.
4. Can I include the closing costs into my new rate reduction loan so I don't have to come up with my own money?
Generally, yes. Most people include the costs of refinancing into the new loan amount.
5. If I refinance, where will the closing be conducted?
Closing on your new loan will be conducted at the office of the title company or attorney assigned to your closing. Also, it is possible to arrange for a closing agent to come to your home in order for you to sign the necessary papers.
6. Do I need to get another homeowner’s insurance policy if I refinance?
Generally not. Your current insurance company will likely issue an endorsement to your existing policy.
7. How will I know if it makes sense for me to do a rate reduction refinance?
That really depends on how long you plan on living in your home after you refinance, what the closing costs are for your refinance, and how much the refinance will save you in monthly payments. For example, if the refinance costs total $1000.00 and the new payment is $100.00 less each month after refinancing, the payback is 10 months. In this example, refinancing makes sense if the property will be kept for at least 10 months.
8. What if I need cash? Can I get it with a refinance of my home?
Cash-out refinances are available and the amount of cash available to you depends on the value of your home, how much you owe on it, and the standard qualifying criteria of income, credit and debts. Contact a Virtua Funding representative to get the specific amount you may be able to get on a refinance. You can speak with a Virtua Funding representative on the phone by calling 801.206.9354
9. Do I have to qualify again in order to refinance for a lower rate?
Probably not. Streamlined refinances are generally available with no verification of income, credit or debts. The streamlined refinancing process is quick and easy.