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A) How do I determine if I should refinance?
The most important step is to have a clear goal. You must ask yourself “what is it that I need to accomplish.” Are you trying to increase you cash availability or lower you’re your monthly payments. The correct course of action will depend on your answer.. If you are not sure how to define your goal, a UAM representative will help you determine the best choice.

B) What are some factors to consider?
How long are going to live there?
What are you financial priorities and obligations for the next few years?
Will you be experiencing any major financial changes in the near future?
How good is your credit history?

C) If I refinance does this mean a new 30-year countdown?
Is the fear of starting again preventing you from refinancing? It should not. You can ask your lender to set you up with a shortened payment plan. This can allow you to pay lower rates in less time.
Refinancing FAQ's


D) If my loan is closed by the lock expiration date, what will happen?
If your loan is not closed by the specified date you will no longer be guaranteed the agreed upon locked in interest rate. You will then be given the higher of the current rates. If your lock date expires you will be unable to receive a lower rate.

E) Will I be able to change my loan program if I have already applied for a loan?
Yes! Of course there are certain requirements that you must meet but if you have the necessary criteria you will be able to. Call one of our expert consultants to determine if this is a viable option for you.

F) What is the difference between the Annual Percentage Rate (APR) and the interest rate?
The APR is based on the interest rate on your mortgage loan, the term of the loan, and the other applicable costs of financing such as points, fees and certain closing costs. Your monthly fee is based on the mortgage note rate, not the APR. The APR will be higher than your interest rate.

G) What is a good faith estimate?
This discloses all estimated cost involved in your mortgage transaction. Some factors included are the lenders charges, the closing agents fees, property tax, and homeowners insurance and is guarantied by federal law.

H) What happens to the escrow balance on my mortgage once my loan has been fully paid ?
After your mortgage is paid off any remaining money in the account will be sent back to you, in most cases via a check. Included in this check would be any accidental over payments in addition to the remaining funds. This typically takes between 30- 60 days and is protected by federal law.

I) If my house is listed for sale can I still refinance?
There are some exceptions but in most case you will not be able to. The reason for this is that investors will be weary of you selling you home before you have paid the loan. If you had your house listed for sale and then removed it, this may also cause you difficulty when trying to refinance.

J) How long will it take to get approved?
No time at all! With UAM use state of the art technology to get your loan approved in just 24 hours
 

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