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You are here: Home / Refinance Loans

Refinance Loans

If you own a home, there's a good chance you'll do a mortgage refinance at some point. Few borrowers stay with their original home loan for a full 30 years; most either refinance or sell the property long before the full term runs its course.

Save time and money on your next mortgage refinance with Mid America Mortgage Services, Inc. We have a great selection of programs to help lower your rate, shorten your loan term, and get the cash you're searching for.

Contact us today for more information on refinancing your home today.

How Refinance Loans are Unique

A mortgage refinance is a new loan that pays off and replaces an old mortgage loan. Since mortgage loans are not typically amended, a refinance mortgage is the easiest means of restructuring mortgage debt. There are several reasons why you might do this: to lower the interest rate or payments, to shorten or lengthen the loan maturity, or to increase or reduce the loan amount.

How does refinancing work?

The application process for a mortgage refinance is very similar to what you experienced when you purchased your home.

  • You consult with a mortgage loan officer,
  • Complete a home loan application,
  • Supply the required documentation to verify your income and assets and an appraisal will be completed on your home.

You'll have to pay closing costs, but they should be lower than they were when you purchased the home. When the refinance mortgage funds, the new lender automatically pays off the old mortgage lender, including any prepayment penalties, and transfers any remaining funds to you. The old lender releases its claim on the home, and the refinance lender files a new one.

How do I know if I should refinance?

Many homeowners start thinking about refinancing when there's some part of the existing mortgage loan that's no longer appealing. Examples include:

  • Your payment is too high.
  • Your interest rate is higher than what's available on the market.
  • Your adjustable interest rate is too volatile.
  • You want to pay off your mortgage in 15 years instead of 30.
  • You want to cash out your home equity.

Common Questions About Refinance Loans

Can I reduce my payment with a mortgage refinance?
You can reduce your payment with a mortgage refinance by lowering the interest rate and/or by extending the maturity date.

What is a cash-out refinance?
If you have home equity, you may have the option of refinancing for more than what you owe on your old mortgage. This is a cash-out refinance, in which the amount leftover after the pay-off is transferred to you, and can be used as you wish. Your payment will reflect a higher loan balance, but you could possibly offset some (or all) of the increase with a lower interest rate or extended maturity date.

When is the right time to refinance?
A mortgage loan officer can help you run the numbers, but the decision usually depends on how market mortgage refinance rates compare to what you're currently paying. If you can find a refinance mortgage that will save you money and help you achieve your financial goals, then the time is right.

The 7 Types of Documents You Need for a Refinance Loan

Get these documents together before you start the refinance process to streamline your loan.

With so many people filing for refinance these days, it can take a lot longer than you'd expect to have your refinance go through. You don't have control over how backed up your lender is with applications. However, you can speed things up on your end by gathering all of the appropriate documents before starting the refinance process.

Think back to your original mortgage and all of the documents that you had to gather. For a refinance, the documentation for your refinance is pretty much the same. The overall purpose is to prove different aspects of your finances to your lender.

All lenders have slightly different requirements, but you can bet that they'll probably ask for documents in the following seven categories:

  1. Proof of Income - Proving your income generally requires the following documents:
    • The last 30 days of pay stubs
    • Your current tax returns
    • Tax forms like W-2's and 1099s
  2. Insurance - You'll probably need to produce documentation for two kinds of insurance:
    Homeowners insurance, to verify that you have enough current coverage for your home. Who are you currently insured with?
    Title insurance. We will order this on your behalf to confirm the taxes, the names on the title, and the legal description of the property.
  3. Credit Information - You'll need to sign an authorization for a credit report.
  4. Monthly Debt Load - While your lender will be able to see your debts during a credit check, you will still have to account for those debts. That means pulling together documents for things like:
    • Your current mortgage
    • Home equity loans
    • Credit cards
    • Auto loans
    • Student loans
  5. Total assets: You need to document all of your financial assets other than your home. This means documenting things like:
    1. Savings accounts
    2. Stocks
    3. Bonds
    4. Mutual funds
    5. CDs
    6. Retirement accounts like 401Ks
    7. Other real estate
  6. Appraisal: Your lender will order a current appraisal of the house.
  7. Loan to Value: The lender will usually also ask for some kind of estimated value of how much your house is worth compared to what you owe on the existing loan.

Once you've got all of this information together, it should be smooth sailing, right? In a perfect world, yes. Expect plenty of delays regardless of how well organized things are on your end. Not that this is a reason not to do a refinance-but knowing what to expect can make the process seem a little less frustrating.

Contact Us Today

Mid America Mortgage Services, Inc, NMLS #1142067
200 E Walnut St.
Columbia, MO 65203

Phone: (573) 875-1100

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"My wife and I have moved around quite a bit with my job so we have been through the process before, but we have never had anybody help us as much as Michelle West Mid America Mortgage Services, Inc did. We needed a loan for a new construction home and they were able to help us out with all of our needs and make us feel comfortable with what we were doing moving forward. They did a good job of walking us through the paperwork to make sure that we were pre-approved for a certain amount."

Jason

"I’m a very loyal customer at Mid America Mortgage Services, Inc. I have an addiction to building houses and designing them, and they are always right there with me every step of the way helping me get the best loan product and the best rates whenever I am ready to build. They make sure you don’t get a loan that you can’t afford. The whole process was very smooth. I would recommend Mid America Mortgage Services, Inc to anyone because they are always there to teach you, help you, and make it easy for you every step of the way."

Kate

"I have had mortgages since 2004 in Columbia and have gone through a couple of banks, but over the last several years, the last couple of houses have been with Mid America Mortgage Services, Inc. Michelle has told us many times, 'I am not going to put you in a situation I am not comfortable with you being in, regardless of what it means for our company'.

Heidi always has a smile on her face and when you walk through the door, they recognize you and say “Hi”. I definitely recommend anyone who is in the home buying, purchasing, refinancing, upgrading business to go to Mid America Mortgage Services, Inc, ask for Michelle because they are going to be the best person you can work with."

John

"They really explained the process to us very well and made us feel very comfortable, specifically Jeanie Byland. I have never asked a question that I felt dumb about. They really wanted to educate us and have been fantastic. The interest rates changed one day and they called me to say, ‘Hey we might ought to look into refinancing your loan’. I really felt like they had our best interest at heart."

Steve

"My family owns Tiger Ice Company. My experience with Ralph at Mid America started with Tiger Ice because we needed to expand our facility. When we went in to talk to Ralph at Mid America, he pretty much was straight up with us and told us we needed to go back to the drawing board. We came back with new numbers and a new plan, and we built the facility and everything was fine. Our dream of that would not have been possible at all without Mid America Mortgage Services, Inc and Ralph. They don’t tell you what you want to hear, they tell you the truth and that's what we weren't getting from other banks."

Andy

Michelle, I want to thank you for all of your efforts on the loan. I never knew how much information the needed! I appreciate your personal nature and ease of working together. Thank you for making this happen! :)

Amy

"When we were 18 and 19 years old no one wanted to help us get started. But Michelle took us under her wing 6 years ago next month. There is a lot of people out there that could of taken advantage of us many of times because we had no idea what was going on. For Michelle to stand beside us and walk us through, and not let us get into something that could get us in a lot of trouble means the world. We thank Michelle and we are extremely blessed to be able to work with her and her team. I have never even thought about talking to another lender and will always be loyal to Mid America Mortgage Services, Inc."

Cody and Morgan

"One of the main things that I loved about Michelle was she was so organized. She would meet us at any location she needed to, and to be honest she had the absolute lowest interest rate. They were always very transparent with fees so there were no surprises. Michelle was always super easy and we would always run in talk to her even it was for a few minutes. The best thing was the process was very, very smooth."

Chris and Jamie

"I knew Jeanie Byland for a long time. She made the process so easy. One of the things I probably appreciated the most was that she didn't want to spoil the excitement of closing on a new house by showing up on closing day finding out that we owe a lot more than we thought. They were upfront with that information right from the get-go, and that’s because it’s just like they say, ‘They wouldn’t put you in a loan that they would be comfortable taking themselves.’”

Jamie

Selling our home of 17 years and building a new home was a very emotional time for our family. We were ready for the next adventure in our lives but knew there were numerous steps involved. The search for a mortgage officer was simple, Michelle was our choice. Her guidance and knowledge made the process as easy as possible. When we had questions, she was always there to give us an answer and discuss our options. The employees of Mid America Mortgage Services, Inc like Michelle will keep us returning for our mortgage needs.

Chad and Julee


Phone: (573) 875-1100
200 E Walnut St, Columbia, MO 65203

 

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