header graphic

Questions about Home Loans? Contact us for answers.

  • apply online
  • loan center
  • mortgage 101
  • calculator

Katrinia L. McGuire
RMLO NMLS 240211
c: (281) 723-9733
o: (281) 993-5200
Email Us

105 Hunters Lane, Suite 106
Friendswood, TX 77546
View Map

Refinance Guide

When is it best to refinance?

Thinking about refinancing your home? Below are important factors to consider when making your decision. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Refinancing your existing mortgage offers many benefits. When you choose to refinance your mortgage you are replacing you existing mortgage with a new one - with new terms, conditions and closing costs. A clear understanding of the refinancing process will help you evaluate whether or not it may be a good idea for you. One of our experienced Loan officers can assist you in determining if a refinance is right for you.

Step 1: Is it time to refinance? If mortgage prices are falling or your home has appreciated in market value, you may consider refinancing your mortgage. Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage: Falling Mortgage Interest Rates-

  • Mortgage interest rates are falling.
  • Your home has significantly appreciated in market value
  • You’ve been making payments on your original 30-year mortgage for less than 10 years.

In a falling mortgage interest rate environment, refinancing can offer homeowners two potential benefits that can help reduce your total borrowing costs over time: Rising Home Prices -

  • Lower your monthly payment while maintaining the same or similar repayment term as your original mortgage.
  • Shorten your repayment term while maintaining the same or similar payments to your original mortgage.

If your home has experienced a dramatic increase in market value, refinancing can help you take advantage of the increased equity in your home. For example, refinancing may help you in paying off a high level of consumer debt.

The Early Years of Your Mortgage - Refinancing usually makes the most sense in the early years of your mortgage, when payments are primarily going toward interest. In the later years of your mortgage - as you begin to pay more principal than interest - you may be better off keeping your original loan. Remember, refinancing will give you a brand new mortgage to pay off and will take you back to the beginning of the cycle in which you are paying mostly interest.

Step 2: Assessing Your Needs When refinancing your mortgage, you may have the opportunity to take “cash out” of your home equity. To receive a one-time cash payment during the refinancing process, you’ll need to get a loan for more than you owe on your principal mortgage balance. Remember that with a cash-out refinancing, you are also increasing your overall level of mortgage debt. Cash-out refinancing is often used to consolidate high-interest, nondeductible debt. It has the potential to reduce your overall monthly payments because: In addition, you could use cash-out refinancing for nonrecurring expenses - such as purchasing a car, paying for a wedding or financing an education - that might otherwise require you to borrow funds at a higher nondeductible interest rate.

  • Your mortgage interest rate is likely to be lower than credit card rates or other types of bank loans
  • Your mortgage interest may be tax-deductible, while your credit card interest is not

Consider Your Options - If your home is an important part of your total net worth, consider all your options carefully before taking cash out of its equity. Consolidating debt and then taking on new consumer debt will simply increase your overall liabilities, while potentially giving you a false sense of financial security. If you are considering cash-out refinancing to pay educational expenses, you can take advantage of state and federal education loan programs that also offer tax-deductible interest.

Step 3: Getting Organized Getting ready ahead of time will help the refinancing process move quickly and smoothly. Take the following steps before you begin. Review Your Credit History - It’s a good idea to understand your credit score and review your credit history at the beginning of the process. Remember: Even if you have less-than-perfect credit, you may still qualify for a mortgage. Gather Your Financial Records - Premier will require specific records to approve and process your loan. Here’s a look at the documentation that you will need to get started. Consider Your Loan Options - A general idea of the types of loans available will help you determine what loan suits you best. Your Premier Loan Officer or Account Executive can help you choose the right option.

Step 4: Contact Us Before refinancing your mortgage, speak to Premier Nationwide Lending Loan Officer. He or she can provide you with valuable advice about the refinancing process and help you consider all of your options. Your Loan Officer can help you find the perfect loan to fit your needs, explain mortgage rates and discount points and help you go over all of your financing options.

Step 5: Benefits For Premier Nationwide Lending Mortgage Customers As a valued Premier Nationwide Lending customer, you will experience the convenience you deserve with a mortgage lender you can trust. The Partner You Trust - By choosing Premier Nationwide Lending you will be working with a partner you can trust. We are committed to providing you with the highest standard of service throughout your loan process.

Step 6 - The Road to Closing At closing, your new mortgage documents are signed. Your Loan Officer will help you create a reasonable estimate of how long it will take to complete the whole refinancing process.

Lock In Your Interest Rate - At some point, before closing, you’ll need to select a loan type and lock in your interest rate. This will protect you from interest rate increases that may occur during the refinancing process.

The Closing Process - A team of dedicated experts work together at Premier to deliver great service and ensure that your refinancing is processed quickly, accurately, and efficiently.

  • A loan officer will review your information and request any additional documentation that may be required.
  • An order will be placed for a property appraisal, a survey of property boundaries, a flood determination, a title search and title insurance.
  • The underwriter will review all your information and grant a final approval on your loan.
  • Finally, the closing agent will assemble the closing package and ensure that all fees and other closing payments are accurately documented.
  • In most cases, the closing agent will establish an escrow account for payment of necessary insurance and real estate taxes.
  • As the final step, the closing agent authorizes the mortgage funds for disbursement. Typically, either your closing agent or your loan officer will contact you to schedule a date and time for the closing.

Residential Mortgage Loan Originators

Originally I wanted to be a nurse; after all, isn’t that the dream of most little girls? I really wanted to help people and thought this would be the best way. I was first exposed to the mortgage industry as a clerk – working toward my nursing goal behind the scenes. I rapidly became enamored with how crucial the mortgage service industry is in the lives of people, helping them in a very surreal way – with their finances! Nursing slowly took a backseat as I realized the hands-on learning I was experiencing as a loan clerk could be put to immediate use in the lives of folks who desired to find a safe place for their family to call home.

I have now been a part of the mortgage lending industry for over 23 years. I do not regret my decision one bit. I moved from loan clerk to loan processor very quickly, surpassing all branch volume expectations and was recognized as Top Processing Supervisor.

Being so enthusiastic with lending; I began originating loans and endeavored in my personal production goals. I feel I have a unique passion for people and their desire for security and homeownership. You see for me, it doesn’t stop at simply the client buying a home. I look at the entire family financial picture, analyze their objectives and ensure that this new mortgage payment and all that comes with it will provide peace of mind & confidence for the future. Because in the end, a beautiful home is no fun on a Friday night if all you can do for dinner is eat PB&J while staring at the same television screen!

“It is really all about the client and their family. By removing myself from the equation, I am able to focus on their objectives; not merely for the home itself but for their overall financial goals. This is crucial if I hope to earn trust that deserves loyalty! It is more than just a house; it is their home and family’s very own place of security”.

This is how I developed a truism that I take deeply to heart - “It’s Your Home. It’s My Reputation. I CARE about Both!”

I am honored to say that my efforts & dedication to the right things have paid off. I was rated the top 1% of Mortgage Professionals in the State of Texas by Texas Monthly Magazine four years running – 2011, 12, 13, & now in 2014. I take this tribute seriously and am blessed by the recognition!

I am committed to providing my clients with the highest quality home loans combined with great interest rates and sensible closing costs. No matter where in Texas you desire to call home – be it Clear Lake, League City, Friendswood, Deer Park, Pasadena, Pearland or anywhere in this Great State – I am ready to help ease your concerns and provide you with the honest answers and education you need to make the best decision for your family!


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

Connect with us: linkedin

back to top