Mortgage Refinancing

Refinancing means replacing your existing mortgage with a new mortgage that could have better rates, terms or features.

Whether or not refinancing makes sense will depend on the conditions of your current loan and how much you’ve paid up. For a rough estimate, use our Refinance Calculator. Our Mortgage team can help you determine if a refinance makes sense for you. Request a call back

Yes, whether or not your original loan was with Mirastar, you can refinance your loan with us as long as you qualify to become a member.

Refinancing fees are different from lender to lender but there are standard fees that are typical. These fees include 3rd party fees such as credit report, title, escrow, notary, and recording fees. Other fees include the appraisal fee and lender fees such as processing and underwriting. Aside from the closing fees, there will be prorated pre-paid costs for items such as property taxes, interest, and homeowners insurance (if applicable). If you have enough equity in your home, you can add all fees and pre-paid items into your new loan.

If you’re planning to refinance your home, closing times typically take between 30-45 days.

You will need:

• Your government-issued ID
• Your social Security Number
• Your two most recent pay stubs
• Your two most recent W-2s
• Your two most recent bank statements
• Recent 1099s if you’re self-employed
• Profit-and-loss statements if you’re self-employed
• Recent tax returns or other income documents, if needed

Yes, usually any second mortgages , home equity loans, or home equity lines of credit are paid off through the refinance. We will consolidate your into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage, home equity loan, or home equity line intact, we may be able to ask your second mortgage lender to remain in second position and allow us to refinance the first loan. This process is called subordination and there is typically a fee charged by the second mortgage lender.

With Mirastar, having less-than-perfect credit does not disqualify you from buying a home. We can help you find the best available option for your situation.

If your home value has changed to the point that it is no longer more than your mortgage, a refinance probably doesn’t make sense, but if you aren’t sure of your situation, we are happy to help.

For more information, request a call back.

A cash-out refinance replaces your current mortgage with a new, larger loan. You use the new loan to pay off your existing balance and receive the difference in a lump sum of cash, which you can use for debt consolidation, home renovations, or other major expenses.

The closing process can take several hours, during which time you’ll sign a number of important documents. While each closing day differs based on situation, you can expect the following:

Closings usually take place at a title company. For a refinance, it’ll be you and any co-borrowers and a closing agent in attendance.

You’ll need to bring a state-issued photo ID and a cashier’s check or wire transfer to pay for outstanding items or closing costs that aren’t rolled into the loan.

You’ll be asked to review and sign several documents, including affidavits and declarations. Be sure to read all documents carefully and understand their purpose as they are legally binding.

When everything is signed and completed, you’ll leave the office with a new loan, including a new rate and term.