FAQs

Rate & Term Refinance

  1. Should I refinance my home now?
  2. Do I need a new appraisal?
  3. Can I combine my existing first and second mortgages?
  4. Can I refinance if my home is listed for sale?
  5. Can I refinance if my home is currently being remodeled?
  6. Can I remove a borrower from my mortgage through a refinance?
  7. Can I add a borrower to my mortgage through a refinance?

1. Should I refinance my home now?
If you decide to refinance your home, you can take advantage of any or all of the following benefits:

  • Lower your monthly payments with a lower interest rate
  • Lock in a fixed term interest rate from an adjustable rate mortgage or vice versa
  • Reduce the term of your loan
  • If you have made a large principal reduction, lower your monthly payments by refinancing the existing balance
  • Reduce your monthly payments by eliminating the need for private mortgage insurance (PMI)

2. Do I need a new appraisal?
Yes, you will need a new appraisal. Provident Funding will choose one of our appraisal companies to complete the appraisal.

3. Can I combine my existing first and second mortgages?
Provident Funding offers you the ability to lower your overall monthly housing payment by paying off an existing first and second mortgage. To find out if your new loan will qualify as a rate and term refinance or a cash-out refinance please contact one of Provident Funding’s Mortgage Consultants at 1-888-547-4050.

4. Can I refinance if my home is listed for sale?
No, Provident Funding will not be able to refinance your loan unless the home has not been listed for sale within the last six months.

5. Can I refinance if my home is currently being remodeled?
While you may start the application process for a refinance, Provident Funding will not be able to close your loan until your remodeling project is complete.

6. Can I remove a borrower from my mortgage through a refinance?
It may be possible for you to remove a borrower from your current mortgage through a refinance. For specific requirements, please contact one of Provident Funding’s Mortgage Consultants at 1-888-547-4050.

7. Can I add a borrower to my mortgage through a refinance?
Yes, you may apply for a refinance with additional borrowers, provided he or she qualifies according to our income and credit guidelines. Any person applying for the refinance must also be added to the title of the home.

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Other Frequently Asked Questions:
General Mortgage
Purchase Transaction
Cash-out Refinance