A Comprehensive Guide to Mortgage Refinancing Options with Conventional, FHA, VA, Non-QM, and Investment Loans

Mortgage refinancing offers homeowners a range of options to improve their financial situation, whether it's lowering monthly payments, accessing cash, or changing the loan term. At Stewardship Lending Solutions, we provide a variety of refinancing solutions to meet your unique needs. Let's explore the steps and options available when refinancing your mortgage.
 

   Step 1: Determine Your Refinancing Goals

•       Before diving into the refinancing process, it's essential to define your objectives. Common goals include:

• Lowering Monthly Payments: If you want to reduce your monthly mortgage payments to free up cash for other expenses.

• Shortening the Loan Term: To pay off your mortgage faster and save on interest over the life of the loan.

• Accessing Home Equity: If you need cash for home improvements, debt consolidation, or other financial needs.

• Switching Loan Types: Moving from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for stability, or vice versa.

Removing Mortgage Insurance: Once you have sufficient equity, you can refinance to eliminate private mortgage insurance (PMI).​

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Step 2: Choose the Right Loan Type

• Depending on your goals and financial situation, you'll have various loan types to consider:

• Conventional Refinance: Ideal for borrowers with strong credit and equity, offering competitive rates and flexible terms.

• FHA Refinance: Designed for borrowers with lower credit scores or smaller down payments, with accessible refinancing options.

• VA Refinance: Exclusive to eligible veterans, active-duty service members, and some qualified spouses, VA loans offer low rates and relaxed credit requirements.

• Non-QM Refinance: For borrowers who don't meet traditional lending criteria, Non-QM loans provide alternative financing options.

• Investment Property Refinance: If you own rental properties, refinancing can help you optimize your investment portfolio and cash flow.

Step 3: Determine Your Eligibility

• Each loan type has specific eligibility criteria, including credit score, income, and property value requirements. Our experienced loan officers will assess your qualifications and guide you toward the most suitable refinancing option.

   

Step 4: Review Loan Terms and Rates

• Once eligibility is established, we'll present you with various loan terms and interest rate options. You can choose between fixed-rate and adjustable-rate mortgages, along with different loan durations. Our goal is to find the terms that align with your financial goals and preferences.

• Step 5: Gather Required Documentation

• To streamline the refinancing process, you'll need to provide documentation such as income verification, credit reports, and property appraisals. Our team will assist you in gathering and submitting these necessary documents.

 

Step 5: Loan Approval and Closing

After reviewing your documentation, our underwriting team will assess your application. Once approved, we'll schedule the closing, during which you'll sign the new loan documents. Depending on your chosen loan type and lender, the closing process can vary.

 

Step 6: Enjoy the Benefits of Refinancing

• Whether you've successfully lowered your monthly payments, accessed cash for home improvements, or achieved another financial goal, you can now enjoy the benefits of your refinanced mortgage.

• At Stewardship Lending Solutions, we're committed to providing you with a seamless refinancing experience tailored to your specific needs. Our expertise in Conventional, FHA, VA, Non-QM, and Investment property loans allows us to offer a wide range of options to help you achieve your financial goals. Contact us today to explore how refinancing can improve your financial future.