F.A.Q.

You've got questions, we've got answers.

No, don't time the market! With Rite Lends Roll Down Assurance Plan your protected for up to 5 years in the event rates drop further. Once you refinance with us if at any time during the next 5 years interest rates drop we'll contact you to Roll Down your rate, it's that easy. Call one of our Sr. Bankers for more details.
In most cases it always makes sense to shorten your term. Through Acceleration more of your monthly payment goes towards your principle! In doing so you pay off your home faster and reduce the amount of interest you pay over the life of your loan.
When more of your payment goes towards your principle YOU win and not the banks!
One of the primary benefits of refinancing is lowering your interest rate. In doing so, you may be able to substantially increase your monthly cash flow. The extra cash you save would otherwise be wasted on your old mortgage in overpaid interest.
Paying points may be one of the worst things a homeowner can do if you don’t take into consideration the time it will take you to recuperate the additional costs and if will be staying in your home long enough to warrant paying points. Rite Lend has created an alternative; the Big Zero Refi where you may not have to pay any points OR fees! Call one of our Sr. Bankers to see if you qualify for a Big Zero Refi.
Generally speaking whenever you can reduce the interest you’re currently paying on your current home loan and/or reduce your overall monthly payments.
At any time as long as you have enough equity in your home. Contact one of our Sr. Bankers for a free assessment.
Cash-out refinancing can help you eliminate high-interest, non tax-deductible debt, compounding interest credit card debt, personal or auto loans. In most instances a new mortgage interest rate is lower than rates on credit cards or other types of loans. Consolidating debt may reduce your overall monthly debt payments.
Yes, in most cases you do. However, depending on your scenario and loan program you select, Rite Lend may cover the cost of your appraisal. Contact a Sr. Banker today and see if you qualify for a Big Zero Refi!
Your overall savings depends on your current scenario. If your current rate is higher than what is available, you’re looking to consolidate your debt or possibly looking to Accelerate the payoff your home your savings could be substantial!
Most refinance transactions close in approximately 30 days from the time of your initial loan application. However a lot of times the actual time to close a loan is dependent on a client’s willingness to deliver documents necessary to close a loan. Rite Lend has developed a smooth, seamless and paperless environment that helps speed along the refinance process.
Sure. Most homeowners chose to pay off their second mortgages through the refinance. If paying off your second is not an option or you prefer to keep your second mortgage Rite Lend can request your second mortgage lender to allow us to refinance your first loan; a process called subordination.
Depending on your overall all credit profile such as credit score and credit history you may be eligible for one of our government insured program(s) (FHA/VA). Contact one of our Sr. Bankers for a free assessment evaluation.
Now this very well may be one of the oldest of all refinance myths! Think about it; your current lender/bank would love you to believe so because you will continue to pay more interest on your current loan than you would otherwise have to with a new lower rate with Rite Lend. Even a small reduction in your interest rate could save you a TON of interest over the life of your loan.
The usual documents; 30 day paystubs, W2’s for last two years, possibly bank statements/401k statement, mortgage statement(s), homeowners declaration page and for self-employed borrowers tax returns for last 2 years.