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Refinance FAQ’s

Should I Refinance?

If you’re looking to lower your payment or perhaps take some cash out of your house for debt consolidation or home improvements, refinancing might be a great option for you. Simply compare your current interest rate to Equinox Home Financing’s low rates. If Equinox Home Financing’s rates are lower, we can save you money by refinancing. If you’re looking for long term security, refinancing an adjustable rate mortgage into a fixed rate loan is a no-brainer.

How Much Can I Save if I Refinance?

Everyone’s situation is different. It all depends on your current interest rate, the amount of equity you have in your home and your loan amount. To see how much money, you can save by refinancing, take a look at our refinancing calculator.

What if I Have a Second Mortgage? Can I Refinance?

Yes. There are a couple of options for people with 2nd mortgages. Usually, a 2nd mortgage is paid off through the refinance. Equinox Home Financing can consolidate your loans into a new 1st mortgage with one low monthly payment. Or, if you’d like to maintain your 2nd mortgage, we can subordinate that loan and only refinance your 1st mortgage.

What are the Costs Associated with Refinancing?

Equinox Home Financing has many loan programs with NO Points and NO Fees. Standard loan fees include a credit report, appraisal, underwriting, processing, title, escrow, and recording fees. If you wish to pay discount points to lower your interest rate, each point will cost approximately 1% of the new loan amount.

What Type of Documentation Do I Need for Refinancing?

You will need to verify your income by providing your two most recent pay stubs and previous two years’ W-2s and tax returns. You will also need to provide information explaining all your assets, including bank or mutual fund/stock statements over the last 60 days and any current loan and debt information.

Can I Refinance with Bad Credit?

We do have loan programs for people with less-than-perfect-credit. Everyone’s situation is different. Call Equinox Home Financing today to see if you qualify.

Do you have refinancing Document Checklist?

Yes, we do. This is a basic list but depending on your situation, this list may change a bit:

  • 2 most recent paycheck stubs or 1 full month of paycheck stubs
  • 2 years of W2 Forms
  • 2 months of bank statements
  • 2 years of 1040 tax returns
  • Social Security awards letter
  • Pension Benefits Awards letter
  • Any other proof of income
  • Current mortgage statement
  • Homeowners insurance policy

If you have any other questions about refinancing, call us or apply today. There are many questions and we can’t post them all on our website so please contact us for a better and more custom consultation.

Why Refinance?

Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.

  • Fixed Rates
  • Adjustable Rates (ARM)
  • Conforming Loans
  • Jumbo & Super Jumbo Loans
  • FHA, VA, & USDA Loans
  • Terms from 5 to 30 Years

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