Refinance Guide

When is it best to refinance?

Thinking about refinancing your home? Below are important factors to consider when making your decision. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Download the Refinancing Guide Refinancing your existing mortgage offers many benefits. When you choose to refinance your mortgage you are replacing you existing mortgage with a new one - with new terms, conditions and closing costs. A clear understanding of the refinancing process will help you evaluate whether or not it may be a good idea for you. One of our experienced Loan officers can assist you in determining if a refinance is right for you.

Step 1: Is it time to refinance? If mortgage prices are falling or your home has appreciated in market value, you may consider refinancing your mortgage. Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage: Falling Mortgage Interest Rates-

  • Mortgage interest rates are falling.
  • Your home has significantly appreciated in market value
  • You’ve been making payments on your original 30-year mortgage for less than 10 years.

In a falling mortgage interest rate environment, refinancing can offer homeowners two potential benefits that can help reduce your total borrowing costs over time: Rising Home Prices -

  • Lower your monthly payment while maintaining the same or similar repayment term as your original mortgage.
  • Shorten your repayment term while maintaining the same or similar payments to your original mortgage.

If your home has experienced a dramatic increase in market value, refinancing can help you take advantage of the increased equity in your home. For example, refinancing may help you in paying off a high level of consumer debt.

The Early Years of Your Mortgage - Refinancing usually makes the most sense in the early years of your mortgage, when payments are primarily going toward interest. In the later years of your mortgage - as you begin to pay more principal than interest - you may be better off keeping your original loan. Remember, refinancing will give you a brand new mortgage to pay off and will take you back to the beginning of the cycle in which you are paying mostly interest.

Step 2: Assessing Your Needs When refinancing your mortgage, you may have the opportunity to take “cash out” of your home equity. To receive a one-time cash payment during the refinancing process, you’ll need to get a loan for more than you owe on your principal mortgage balance. Remember that with a cash-out refinancing, you are also increasing your overall level of mortgage debt. Cash-out refinancing is often used to consolidate high-interest, nondeductible debt. It has the potential to reduce your overall monthly payments because: In addition, you could use cash-out refinancing for nonrecurring expenses - such as purchasing a car, paying for a wedding or financing an education - that might otherwise require you to borrow funds at a higher nondeductible interest rate.

  • Your mortgage interest rate is likely to be lower than credit card rates or other types of bank loans
  • Your mortgage interest may be tax-deductible, while your credit card interest is not

Consider Your Options - If your home is an important part of your total net worth, consider all your options carefully before taking cash out of its equity. Consolidating debt and then taking on new consumer debt will simply increase your overall liabilities, while potentially giving you a false sense of financial security. If you are considering cash-out refinancing to pay educational expenses, you can take advantage of state and federal education loan programs that also offer tax-deductible interest.

Step 3: Getting Organized Getting ready ahead of time will help the refinancing process move quickly and smoothly. Take the following steps before you begin. Review Your Credit History - It’s a good idea to understand your credit score and review your credit history at the beginning of the process. Remember: Even if you have less-than-perfect credit, you may still qualify for a mortgage. Gather Your Financial Records - Premier will require specific records to approve and process your loan. Here’s a look at the documentation that you will need to get started. Consider Your Loan Options - A general idea of the types of loans available will help you determine what loan suits you best. Your Premier Loan Officer or Account Executive can help you choose the right option.

Step 4: Contact Us Before refinancing your mortgage, speak to Premier Nationwide Lending Loan Officer. He or she can provide you with valuable advice about the refinancing process and help you consider all of your options. Your Loan Officer can help you find the perfect loan to fit your needs, explain mortgage rates and discount points and help you go over all of your financing options.

Step 5: Benefits For Premier Nationwide Lending Mortgage Customers As a valued Premier Nationwide Lending customer, you will experience the convenience you deserve with a mortgage lender you can trust. The Partner You Trust - By choosing Premier Nationwide Lending you will be working with a partner you can trust. We are committed to providing you with the highest standard of service throughout your loan process.

Step 6 - The Road to Closing At closing, your new mortgage documents are signed. Your Loan Officer will help you create a reasonable estimate of how long it will take to complete the whole refinancing process.

Lock In Your Interest Rate - At some point, before closing, you’ll need to select a loan type and lock in your interest rate. This will protect you from interest rate increases that may occur during the refinancing process.

The Closing Process - A team of dedicated experts work together at Premier to deliver great service and ensure that your refinancing is processed quickly, accurately, and efficiently.

  • A loan officer will review your information and request any additional documentation that may be required.
  • An order will be placed for a property appraisal, a survey of property boundaries, a flood determination, a title search and title insurance.
  • The underwriter will review all your information and grant a final approval on your loan.
  • Finally, the closing agent will assemble the closing package and ensure that all fees and other closing payments are accurately documented.
  • In most cases, the closing agent will establish an escrow account for payment of necessary insurance and real estate taxes.
  • As the final step, the closing agent authorizes the mortgage funds for disbursement. Typically, either your closing agent or your loan officer will contact you to schedule a date and time for the closing.

Residential Mortgage Loan Originators

William is a graduate of the University of Texas at Arlington with a BBA in Marketing. Before becoming a successful mortgage loan originator, William was pursuing his dream of a professional golfer on the mini tours. When not working he enjoys days at the lake with his wife Laurie, playing golf, duck hunting, and spending quality time with his family. They attend Lake Pointe Church in Rockwall, Texas and have been members for many years. William and Laurie reside in the Rockwall area and are proud parents to twins Hunter and Hayes. Outside of work he lives life to its fullest.

William is a caring person and has a passion is to help families into new homes. Communication and utilizing his expertise allows him to consistently provide clients with a “World Class Mortgage Experience.” Our goal is to make the process simple and close your loan on time. Staying on top of new regulations and product modifications allows him to inform borrowers how to make their closing a seamless transaction. Communication is the key to success which helps build a strong relationship with each client. Our culture is to provide an unparalleled level of service.


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Testimonials

William did a wonderful and thorough job with our refinance. He went out of his way to accommodate our busy schedules and came to us to pick up all loan documents. He even went as far as setting an appointment for a person to come to our house to go over everything with us at closing. William was exact with all documents and extremely knowledgeable about the refinance process. He answered all questions honesty and accurately and completed our refinance in a timely manner. He even continued to answered questions for us months after our refinance. My husband and I would highly recommend William to anyone in the market looking for a loan officer.

Greg & Katherine D.

It was an absolute delight to get to work with William. I've had nightmare stories told to me by friends and coworkers but never encountered any problems with Will because he always kept me in the loop. Thanks for helping me get my condo!

Kim G.

We've used Mr. Branch on three mortgages. He was prompt, informative and kept us in the loop throughout the entire process. He is very professional, courteous and SMART. USE HIM!

Mark & Lorna K.

William was our Loan Officer for two mortgage refinances and closed out both deals in less than 4 weeks. In both cases he was able get my wife and I the best APR available and lock in without paying points. His business acumen is second to none in the industry. He was very resourceful wrangling our credit/debt situation and knew what calls to make and when to push the loan forward. His response time and communication skills are fantastic. He always responded to my emails and phone calls within the business day and I hardly ever found myself waiting on him, more often it was my delay in submitting documentation. I highly recommend William Branch!

Robert & Christi A.

William Branch was referred to us by our realtor. He was a very good choice for us. William was very knowledgeable about the loan process and answered all our questions and concerns as they popped up. No matter the time or day, he was there for us. He continued to go out of his way to gather and complete our application and any other information needed to get the process approved and get us into our new home. Thank you William.

Jimmy & Amy R.

William Branch worked with my wife Shelley and I do what we felt going in might be an impossible mission. William worked with us, was mindful of our needs and budget, and worked diligently, many times "after hours", some days it seemed his hours were 24, working on ways to make this deal work. It was not easy for him, nor us, but he managed to dig deeper and find solutions from applications, to credit, working with the VA requirements to even helping us find homeowner insurance. Ours was a challenging loan, but he made it happen for us and a dream come true.

William & Shelley A.

William Branch was very professional and reliable. I was worried at first about working with William since my first experience with purchasing a home was horrible but he proved me wrong. He was very quick to return my calls/e-mails and answered all my questions. I would definitely recommend my friends and family to William Branch.

Rosie & Alex M.

William was an answer to prayer.. We quickly found out purchasing an AG property was not an easy task.... until we found William who had no problem! He found us a better interest rate than any bank could give us and we checked online as well but found all kinds of hidden fees! William stepped up and gave us his knowledge and helpfulness to make the loan part of buying a house painless! He kept us up to date on what was going on and took a great interest in making sure everything was perfect for us and when we hit a problem he was quick to let us know and had a solution to make it work out. He has stayed in touch with us and was there for us at the closing table to make sure everything was perfect! My husband and I would recommend William to anyone and know they will get same great care and commitment we received! Keep up the great work William and look forward to working with you on our next deal!

Mark & Leigh W.

William was very professional in all his dealings with us during our refinancing. We have been through this process several times but this was by far the smoothest and easiest ever. William was in touch with me or my husband almost daily by email or phone to give us updates. There was a slight hiccup (we were surprised by the value of our house), but he worked through this with us very professionally and thoroughly so we could still get the benefit of a great new rate and some cash to help with some updates.

Tim & Cindy B.

HBM

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