Reasons to Refinance

1. Lower your rate & payment
2. Change your loan program or term
3. Take cash out to consolidate your debt
4. Take cash out for home improvements or investments & expenses
5. Remove mortgage insurance

Refinance Process

1. Connect with one of our Mortgage Professionals

We will connect you with one of our mortgage professionals that will treat you with respect and walk you through the process.

2. Set your goals

Every situation is unique. Some facts that will affect savings are current interest rate, credit scores, income, equity position, and more.

3. Select your loan program

Typically, any second mortgages are paid off through the refinance. We will consolidate both loans into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage, we may be able to request 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.

4. Get approved

There are options that may allow you to refinance your loan even if the value of your home is less than what you owe. Call and speak with one of our mortgage professionals to see if you qualify for one of our programs.

5. Submit requested items

Fees associated with refinancing vary from lender to lender. Some typical 3rd party fees include credit report, title, escrow, notary, and recording fees and lender fees such as processing and underwriting. If you are paying points to lower the rate, the cost of each equals 1% of your new loan amount. Aside from the closing fees, there will be prorated pre-paid costs for items such as property taxes, interest, and homeowner’s insurance (if applicable). If you have enough equity in your home, you can add all fees and pre-paid items into your new loan.

6. Close your loan!

Income information is typically required including: 2 recent paystubs, 2 years’ W2s. asset information (ie. Bank statements), your most recent mortgage statement and your homeowner’s insurance declarations page.

Program Options

Fixed Rate

Chose the stability of a traditional, fixed rate mortgage, which is one of the most popular for both refinance and purchase mortgages

Adjustable Rate

An option for those who are planning on staying in their homes short term or would like to lower their payments

FHA

FHA loans offer more flexibility with lower down payment and easy qualification.

VA

Available to all active duty and veteran military members, PCF is authorized to offer incredible programs not available to the general public.

Jumbo

Jumbo loans allow for higher loan amounts. PCF is able to work with you to get the best rate and term for your Jumbo loan

HARP

Are you a responsible homeowner who is close to being underwater or already underwater on your mortgage? A HARP loan could help you refinance to today’s low rates.

Home Equity

A fixed-rate home mortgage that let’s you borrow p to 90% of your home’s equity

Reverse

A unique opportunity available to borrowers 62 and older. Backed by the FHA, you can turn your home’s equity in to cash with no monthly mortgage payment.

Refinance FAQs

1. Should I refinance?

Check out our top 5 reasons to refinance (link). If you are still unsure, our Mortgage Professionals are available to discuss your specific scenario and goals and let you know if refinances will benefit your financial picture.

2. How much can I save if I refinance?

Every situation is unique. Some facts that will affect savings are current interest rate, credit scores, income, equity position, and more.

3. What if I have a second mortgage? Can I still refinance?

Typically, any second mortgages are paid off through the refinance. We will consolidate both loans into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage, we may be able to request 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.

4. Can I refinance if my property value is less than I owe?

There are options that may allow you to refinance your loan even if the value of your home is less than what you owe. Call and speak with one of our mortgage professionals to see if you qualify for one of our programs.

5. What are the costs associated with refinancing?

Fees associated with refinancing vary from lender to lender. Some typical 3rd party fees include credit report, title, escrow, notary, and recording fees and lender fees such as processing and underwriting. If you are paying points to lower the rate, the cost of each equals 1% of your new loan amount. Aside from the closing fees, there will be prorated pre-paid costs for items such as property taxes, interest, and homeowner’s insurance (if applicable). If you have enough equity in your home, you can add all fees and pre-paid items into your new loan.

6. What documentation do I need for a refinance?

Income information is typically required including: 2 recent paystubs, 2 years’ W2s. asset information (ie. Bank statements), your most recent mortgage statement and your homeowner’s insurance declarations page.

7. Can I refinance with bad credit?

Depending on the reasons why your credit is imperfect, there are great loan options available including our government programs. Call and speak with one of our mortgage professionals to determine whether you qualify for one of our programs.