At EBLOCK LOANS, we differentiate ourselves in the refinancing market through various factors. One of the primary distinctions lies in the interest rates that we offer, with competitive rates potentially resulting in substantial savings for you.

Additionally, the fees and closing costs associated with refinancing can vary significantly, and companies that maintain lower costs, or provide transparent fee structures tend to be more appealing.

The range of loan products offered, such as fixed-rate mortgages, adjustable-rate mortgages, and specialized loans, is another distinguishing feature. Exceptional customer service, efficient communication, and responsiveness can set a company apart. Moreover, loan terms and flexibility, including prepayment penalties and borrower-friendly conditions, can influence your choice. Online tools and technology, local expertise, specialized knowledge, and reputation in the market are further factors that can sway your decision when selecting a mortgage company for refinancing.

Refi-Power

Refinancing offers several potential benefits to homeowners and borrowers, including:

Lower Monthly Payments:

Securing a new mortgage with a lower interest rate can lead to reduced monthly payments, freeing up more of your budget for other expenses or savings.

Savings Over the Long Term:

By securing a lower interest rate, you can save a substantial amount of money over the life of the loan. This can add up to tens of thousands of dollars in savings, depending on the size of the loan.

Debt Consolidation:

Refinancing can also be used to consolidate high-interest debts, such as credit card balances or personal loans, into your mortgage. This can result in a lower overall interest rate and simplified debt management.

Access to Home Equity:

If your home has appreciated in value, a cash-out refinance allows you to tap into your home equity. This can provide funds for home improvements, investments, education, or other significant expenses.

Stability and Predictability:

Switching from an adjustable-rate mortgage to a fixed-rate mortgage can provide stability and predictability in your monthly housing costs, as your interest rate won't fluctuate with market changes.

Eliminate Monthly PMI:

If your home has gained enough equity, refinancing can help you remove the need for private mortgage insurance, saving you money each month.

* Denotes a loan approval check point

Goals

Underwriting

Closing

G1: Discuss Goals

Rate/Term, Cash Out Refinance, HELOC, ETC

U1: Full Application

Full loan application prepared for e-signing

U4: Post Initial Underwrite

Appraisal, Title, Insurance, and Association (if any) documents are ordered

C1: Schedule Closing

Closing appointment is coordinated. In some case we can leverage a virtual closing

C4: Virtual Signing

Virtual or in person Signing occurs. Three day right to rescind period begins

*G2 Fannie/Freddie

Financial profiled data submitted to AI (Fannie/Freddie) approval

*U2: Package Loan

File is sent to Underwriting for the Initial Underwrite approval

U5: Remaining Documents

Remaining documents needed from you (if any) will be collected and sent to review

C2: Balance Figures

Loan figures for the final Closing Disclosure re balanced between all parties

C5: Funds Disbursed

Funds are disbursed three business days after the right to rescind period

G3: PIW/ACE Test

Appraisal waiver test is conducted

U3: Prepare Early CD

Closing Disclosure is prepared for acknowledgement

*U6: Package Loan

File is sent to Underwriting for the clear to close review approval

C3: Closing Package

Final closing package is prepared and generated

C6: Projected Payoff

Payoff funds are reached between 1-2 business days after the right to rescind period

*G2

*U2

*U6

Replace your existing mortgage with a better one primarily to secure a different interest rate or loan term without taking out additional cash.

This involves replacing your existing mortgage with a larger one, allowing you to receive a portion of your home's equity as cash while also adjusting the interest rate and loan term.

Get rid of Private Mortgage Insurance (PMI) by either paying down the mortgage to a certain threshold or through an increase in the home's value. Additionally, you can also achieve PMI elimination by refinancing under certain conditions.

Roll your high-interest debts (such as credit card balances) into a new mortgage, allowing you to pay off multiple debts with a single, lower-interest mortgage loan, which can free up monthly cash flow.

Removing a co-borrower from the mortgage debt obligation in refinancing a mortgage is the process of taking the co-borrower's name off the loan, typically because they intend to secure their own financing for a separate purpose.

This involves one party buying out the other's share of the home's equity as part of the divorce settlement to gain sole ownership of the property.

Refers to the process of satisfying the outstanding balance on a land contract by obtaining a new mortgage loan, often to gain full ownership of the property.

If your mortgage is largely paid down from its last loan origination, then you could qualify for a recast. This would extend your loan term, reduce the principal and interest portion of your monthly fixed payment, and maintain your original interest rate. Certain lender conditions may apply.

Property Types

Various factors impact the underwriting process for the property, with property type being one of the key variables. Below, we outline different property types:

Single Family Residence:

A single-family residence is a housing unit designed and built to accommodate one family, individual, or household. In this type of property, the owner holds an undivided interest in the entire property, making it a standalone dwelling for a single entity.

2-4 Unit Dwelling:

A 2-4 unit dwelling, akin to a small apartment complex, qualifies as residential, making it eligible for attractive fixed-rate mortgage options from entities like Fannie Mae and Freddie Mac. In this context, a unit includes at least one bedroom, a fully equipped kitchen, and a bathroom."

Spec Home:

A spec home, or speculative home, is a residential property built by a developer without a specific buyer in mind. The builder designs and constructs it with the aim of selling it once it's completed or in the later construction stages.

Condo (Attached):

An attached condo is a residential structure with common walls, like townhomes, condominiums, row houses, apartments, and high-rise towers. Many have shared common grounds.

Condo (Detached):

Detached condos are independent units without shared walls, still offering condo benefits like shared amenities and maintenance.

Condo (Site):

A Site Condominium is a development of detached single-family homes with a condo-style ownership structure, lacking shared garages or attached structures.

Townhouse:

A townhouse is a multi-story, attached residential dwelling that shares walls with neighboring units and often features a front and back entrance.

Manufactured Home:

A manufactured home, also known as a mobile or prefab home, is a factory-built housing structure for residential living. Constructed in a controlled factory setting, they're transported to a site, often placed on a permanent foundation.

Mobile Home:

A mobile home, also called a trailer or mobile dwelling, is a factory-built housing designed for easy transport. It sits on wheels, allowing for relocation, often used as temporary or semi-permanent housing.