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Ryan Kiefer
Branch Manager
2718 Observatory Avenue Fl 1,
Cincinnati, OH 45208
NMLS# 581411
Direct: 513-314-2248
Fax: 866-425-0622

Best Way to Refinance?

When making the decision to refinance, consider all your options and pick a plan that will best help you meet your financial goals.

What Types of Loans are Available?

  • Fixed Rate: With established and predictable monthly mortgage payments.
  • Adjustable Rate: The rate of an adjustable-rate mortgage is designed to change with the movements of the market index to which it is linked.
  • Cash-Out Refinance: This provides many traditional refinancing benefits, and lets you turn a portion of your home’s equity into cash to use however you like: paying off credit cards, medical bills, remodeling, college tuition, etc.

How Does Closing a Refinance Work?

As with the closing for your purchase, you'll have several documents to sign at the closing for your refinance. Your former mortgage will be closed out, and you will begin again under the new loan structure established in your refinance agreement.

How Do You Prepare for Closing?

As your closing date approaches, you’ll want to be sure to stay in good contact with your loan officer. Although you’ve gone through the closing process before, you want to make sure the refinance process goes smoothly as well. Being prepared will always pay off in the end. Here’s what you’ll need:

  • Documents: Verify that you have the documentation needed to move forward into closing.
  • Credit: Review your credit history. To make sure you have good credit standing, refresh yourself on how your credit score is derived and also on ways to keep your credit clean.
  • Insurance: Confirm that your insurance policies provide appropriate coverage for your home's value and contents. Also, double-check that the policy reflects the name of your refinance lender as the payee for losses.
  • Rate: Consult with your PrimeLending loan officer about locking in your interest rate before you close. Locking a rate before you close will provide protection for you if rates should rise before your closing date.
  • Escrow: Examine your current loan's escrow account and determine if a surplus or deficiency of funds exists.
  • Closing Costs: Arrange to bring to your closing appointment a cashier’s check made out for the exact amount you'll need.

PrimeLending strives to make this process smooth for our customers. You should now be able to enjoy all the benefits provided by refinancing your home.

  1. Should You Refinace?
  2. Best Way To Refinance?