Refinanciamiento convencional

Como dueño de casa, usted sabe la importancia de hacer que su vivienda sea lo más asequible posible. Una vez que usted es el dueño de la casa, tiene el derecho de refinanciarla, posibilitando que se reemplace su hipoteca actual con una nueva. Por refinanciar con un préstamo hipotecario convencional, usted puede bajar los pagos hipotecarios, saldar la hipoteca más rápido u obtener acceso a efectivo para reducir deudas con tasas de interés altas o afrontar gastos extras.

Sin importar si la hipoteca original fuera convencional, de la FHA o del VA, usted podría cualificar para un refinanciamiento convencional. El proceso de cualificación para refinanciar es similar al de comprar: Usted tiene que cumplir con las normas establecidas para prestatarios por dos empresas patrocinadas por el gobierno federal, “Fannie Mae” (Asociación Federal Nacional Hipotecaria) y “Freddie Mac” (Corporación Federal de Préstamos Hipotecarios). Cumplir con esas normas le abre la posibilidad de opciones flexibles para refinanciar.

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What is a Conventional Refinance Loan?

Hay dos categorías de préstamos hipotecarios convencionales:

1. Refinanciamiento a tasa y plazo

2. Refinanciamiento con desembolso (retiro) de efectivo

Refinanciamiento a tasa y plazo

Los refinanciamientos a tasa y plazo le permiten . . .
- Bajar el pago mensual por bajar la tasa de interes
- Saldar (cancelar) la hipoteca más rápidamente
- Eliminar el costo del seguro hipotecario si tiene el 20% del valor líquido (capital acumulado) en la vivienda al momento de refinanciar

Cash-out refinance

Borrow cash from the equity you’ve built in your home. This loan replaces your current mortgage with a new larger mortgage, totaling more than you owe on the house. You then receive the difference in cash, which you can use for other expenses. The cash you borrow can be up to 80% of the home’s value.

Many homeowners use this option to pay down high-interest debt or cover other immediate expenses, such as home renovations or college tuition.

How to Get a Conventional Refinance Loan

To learn whether a conventional loan is the best option for refinancing your home, connect with us. To get you started, we’ve outlined the steps and documentation needed to help you understand the process.

The Refinancing Process

Connect with us and we’ll help you assess whether you’ll benefit from refinancing your current mortgage. For a conventional refinance, we’ll consider your current interest rate, credit score, a home appraisal, and the amount of equity you have in the home.

Whether you’re interested in a rate and term or a cash-out refinance, we’ll explain your options to see what provides you with the most benefit. We’ll also discuss the new potential terms you qualify for, guiding you through each step until we can close your new refinance loan.

Conventional Refinance Requirements to Meet

These are the common requirements often needed to qualify for a conventional refinance. If you have questions about these requirements, we’re here to help.

    • In most cases it’s best to have a credit score of 620 or higher. With higher credit scores often comes better interest rates.
    • Ingreso(s) consistente(s). Como componente del proceso conocido como subscripción, usted tendrá que proporcionar documentación que evidencie ingresos consistentes y, con ello, una DTI al 50% o menos. (La DTI pone de manifiesto cuánto de sus ingresos mensuales se destinen hacia el pago de su deuda.) Junto con la información sobre sus ingresos, usted tendrá que constatar su empleo actual y detallar el historial de su empleo.
    • Along with income information you need to share employment verification and history.
    • A Loan-to-Value ratio of 80% or less, meaning you’ve paid 20% equity into the home. This is not always required but it can eliminate Private Mortgage Insurance (PMI) and allow you to borrow the most cash.

Conventional Refinance FAQs

Your home is a major investment. It’s ok to have questions about refinancing it. We’ve compiled answers to the frequently asked ones, but don’t hesitate to ask more.

How soon can I refinance my current loan with a conventional refinance loan?

In most cases, if your name is on the title and you’ve paid on your current mortgage for at least six months, you’ll be able to refinance with a conventional loan.

This is commonly required for those with current conventional or VA loans. Those who purchased their house with an FHA loan may need to wait up to a year to do a conventional cash-out refinance.

How much equity do I need to refinance?

This depends on the type of refinance you want and the benefits you’re looking for. It’s best if you have at least 20% equity in your home for a rate and term refinance because it allows you to eliminate paying Private Mortgage Insurance (PMI). This amount of equity is often required for a cash-out refinance.

If you have less than 20% equity but have good credit, you may still benefit from refinancing, although you may need to continue paying PMI and your interest rate may not be as low as possible.

Do I need a home appraisal to refinance with a conventional loan?

A conventional refinance goes through many of the same steps required to close a conventional purchase loan. Similar to when you purchased your house, you will need another home appraisal for a conventional refinance so that we can understand the value of the house.

Once the value is determined, we can finalize the details of your loan to determine how much your monthly payments will be reduced with a rate and term refinance or how much cash you can borrow with a cash-out refinance.

What is the difference between a conventional refinance and a VA IRRRL or FHA Streamline refinance?

A conventional refinance can be done from various types of purchase loans, including an FHA or VA loan. It provides broader options for rate and term refinances or cash-out refinances. However it also requires more documentation, more time, and a higher credit score for approval.

The FHA Streamline refinance is only available to those who currently have an FHA loan. The same is true for the VA IRRRL only being available to those with a VA loan. Because these both use a streamlined process, they make lowering your interest rate and monthly payments fast and simple. Simplicity comes with fewer qualification requirements but also fewer refinance options.

Are there closing costs with a conventional refinance?

When you close your conventional loan to refinance a house, you’ll need to account for several costs, both upfront and those included in your ongoing monthly payment. These will be clearly outlined as your loan is processed and before you close.

Closing costs cover expenses such as loan origination fees and an appraisal. These typically range from 2-4% of your total loan amount.

LOS BENEFICIOS DEL REFINANCIAMIENTO CONVENCIONAL
  • Es el préstamo hipotecario más común
  • Opciones flexibles en cuanto al plazo (largo) de la hipoteca
  • Bajar la tasa de interés
  • Saldar la hipoteca más rápido
  • Utilizar el valor líquido para pedir prestado en efectivo
  • Aprovechar de tasas más bajas con fuerte puntaje de crédito
  • Eliminar el seguro hipotecario si el valor líquido es del 20% o más
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