About Refinancing
Refinancing into a USDA loan is a very similar process to refinancing using conventional financing. In fact, both loans require almost identical paperwork. Remember, USDA is actually has no mortgage insurance! The process generally involves the following steps:
• Complete a full mortgage application with the assigned lender
• Upon approval, supply the required documentation
• Coordinate with appraiser that lender chooses
• Send in loan package and clear conditions from the Bank
• Schedule closing
That whole process generally takes no more than 30 days. One nice advantage of refinancing is that you are allowed to skip one month of your mortgage payment after you close. Depending on when in the month your mortgage closes you can possibly not make the current mortgage payment and skip the following month as well. You can use this money to pay off another bill, fix up your home, or even go on vacation.
If you are looking to refinance and want the best rate and terms, and want an easy process with more favorable guidelines, a USDA loan is probably the best choice for you.
USDA refinances are for rate and term refinance loans (no cash out allowed). The original loan must be a Guaranteed Rural Housing Loan. For more information, please contact us.
We make the process of purchasing a new home or refinancing your current mortgage simple and straight forward by offering you the latest in financial tools set forth by the best banks in our country. This will enable you to make the most accurate financial decision. Purchasing a home or refinancing your current mortgage should not be stressful. Please contact us for up to date rates and any other mortgage questions or apply now.
