How long does it take for a loan officer to approve a loan?

If your credit is unblemished and you do provide all the necessary paperwork to your lender when you submit your loan application, your lender might be able to give you a type of approval quickly, often within 72 hours.

What do you need to know about refinancing a mortgage?

How to Refinance. Refinancing is like shopping for any other loan or mortgage. First, take care of any issues with your credit so your score is as high as possible and you qualify for the lowest interest rates. You should have at least a rough idea of the rates and other terms you’re looking for in your new loan.

How to write a refinance loan sample letter?

Refinance Mortgage Loan Sample Letter Download FREE letter templates, forms, certificates, menus, cover letters, rental and lease agreements, and much more. Refinance Mortgage Loan Sample Letter

Do you pay more interest on a refinancing loan?

You’ll pay more interest on your debt when you stretch out loan payments over an extended period. You might lower your monthly payments, but that benefit can be offset by the higher cost of borrowing over the life of the loan. Some loans have useful features that will be eliminated if you refinance.

Can a 30 year mortgage be refinanced into a 15 year loan?

Instead of extending repayment, you also can refinance into a shorter-term loan. For example, you might have a 30-year home loan, and that loan can be refinanced into a 15-year home loan that typically will come with a lower interest rate.

Can a mortgage officer push you into refinancing?

Beware of loan officers who push you into either adjustable-rate mortgages (ARMs) or refinancing. Using a mortgage broker might find you better terms than dealing with an individual loan officer.

Can you refinance your mortgage without a job?

Mortgage refinance without a job is possible for seasonal workers, or FHA loans, or using a co-signer or applying for an asset backed mortgage.

When is the best time to refinance your mortgage?

The general rule with respect to home mortgage is to always refinance when interest rates drop. As long as you match the duration of the loan, and do a no-cost refinance; you will come out ahead. The no-cost refinance loan ensures you have no closing cost.

What does it mean to be a mortgage officer?

What Is a Mortgage Loan Officer? A mortgage loan officer assists borrowers in the application process. Since mortgages are the most complex and costly type of loan that most consumers encounter, loan officers are often called mortgage loan officers.