Whatever your refinancing † goals may be – to lower your monthly payments, pay your mortgage off faster, consolidate your debt, get cash from your home, keep mortgage payments from rising or remove mortgage insurance – Lenox/WesLend is here to make that cost-saving plan a reality. Being a homeowner is rewarding and we want to help you enrich that experience further by offering attractive refinance options that help you achieve your intended financial plan while keeping money in your pocket. Since 1999, our customers have found that refinancing has allowed them to improve their financial situation in various ways:

  • Lowering mortgage rates and payments
  • Reducing the term of a loan
  • Converting an adjustable rate into a fixed rate
  • Removing mortgage insurance
  • Consolidating debt
  • Getting cash from the home
  • Refinancing with HARP (Home Affordable Refinance Program)

These reasons have brought our customers back to us time and time again, because we find the best refinancing solution that works for them. While every person’s situation is different, the Mortgage Advisors at Lenox/WesLend aim to find the unique approach to each of our customer’s refinance needs. We invite you to contact us and find out exactly how these options could work for you.

What are the costs associated with refinancing?

Lenox/WesLend Financial is here for you from beginning to end. Our competitive rates, no closing cost options* and expertise will give you the confidence you need to move forward and achieve your refinancing goals, all while saving you up to thousands of dollars in the process. Let’s work together to get you started on the path to refinancing. Contact us today and move forward with your home refinance process.

Refinancing options…the choice is yours!

Fixed-Rate Mortgages:

  • 30 Year
  • 25 Year
  • 20 Year
  • 15 Year
  • 10 Year

Adjustable Rate Mortgage:

  • 5/1
  • 7/1
  • 10/1

Other loan programs you may be interested in…

* No closing costs options are NOT available in Washington.

† By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Should I refinance?

Everyone’s situation is different. Take a look at yours and determine your reasons for wanting to refinance †. Do you want to lower your interest rate? Want to switch from an adjustable rate mortgage to a fixed rate mortgage? How about cashing out some of your equity to remodel, fund tuition bills or a long awaited vacation? Or you could want to combine your two mortgages into one. While everyone’s reasons are different Lenox/WesLend is here to help you.

How much can I save if I refinance?

Mortgage interest rates change often. Chances are they are different from when you first purchased your home. If your rate is higher than what is currently on the market, it probably makes sense to refinance. Why pay more than you have to? If you would like to find out how much you could save, check out our refinance mortgage calculator or call one of our expert mortgage advisors.

Can I still refinance if I have a second mortgage on my home?

Normally, during a refinance both mortgages are combined and paid off through the new refinance loan. This consolidation allows you to have one first mortgage with one monthly mortgage payment. However, if you would like to keep your second mortgage we may be able to work with your lender to request they remain in second position and allow us to refinance your initial mortgage loan. Subordination, which is the term for this process, may incur a fee charged by the second mortgage lender.

Am I allowed to refinance if my property value is less than what I owe?

If your home is less than what you currently owe there may be options available. To see if you qualify for one of our programs call and speak with one of our expert mortgage advisors.

What are the costs associated with refinancing?

While fees vary from lender to lender there are standard fees that are typical. Third party fees such as credit report, escrow, notary, title and recording fees are amongst them. Appraisal fee and lender fees, such as those in processing and underwriting, are also incurred. If you decide you would like to pay points to lower your rate further, the cost of each point you pay equals 1% of your new loan amount. Outside of the closing fees, there are also prorated pre-paid costs for items such as property taxes, interest and homeowners insurance. All fees and prepaid items can be added to your new loan if you have enough equity in your home.

What type of documentation do I need for refinance?

A refinance loan requires similar documentation that you provided in your first mortgage loan. Your mortgage advisor will request information regarding your income such as paystubs for the most recent 30 days, W-2’s and tax returns for the previous 2 years, bank or mutual fund/stock statements for the last 60 days. You will also be asked to provide your most recent mortgage statement and homeowners insurance declarations page. Upon the underwriter review you may be required to provide additional items.

Can I refinance with bad credit?

It is possible to refinance with imperfect credit. It all depends on the reasons why your credit is currently imperfect. There are some great loan options available. Call one of our expert mortgage advisors to determine whether or not you qualify for one of our programs.

Is it true that you should only consider refinancing if you can lower your rate at least .5%?

When it comes to refinancing there is no magic number. There are so many reasons to refinance and everyone’s situation is different. You may be in an adjustable rate mortgage and want to convert to a fixed rate mortgage. If this is the case, you may find that your payment might increase but you will be in a better situation for the long term because you have the peace of mind knowing your payment is not going to increase over the life of your loan. There are also no-cost* and low-cost refinance options that may lower your payment and/or rate with either minimal or no investment. The best idea is to speak to one of our expert mortgage advisors and review your situation with them. From there, you can find out if a refinance makes sense for you.

What is a cash-out refinance?

A cash-out refinance puts your home’s equity to work for you. You can use it to pay for college tuition, make home improvements which can in turn increase your home’s value, pay off credit card debt, or purchase a second home. A cash-out refinance completely pays off your first mortgage and allows you to borrow a set amount of money from the equity you have remaining in your home.

How often can I refinance my home?

There are state regulations that limit how soon or how often a homeowner is allowed to refinance. Your mortgage advisor can give you the information on the specific regulations in your state. The most important consideration in a refinance is to determine if it meets your financial goals. A couple of things to consider are: Will your interest rate be lower than it currently is? How much equity is in your home? Is there a pre-payment penalty on your current mortgage? How long would you like to stay in your current home?

How long is the refinance process?

If you are able to provide all the required documentation that is needed in a timely manner, we should be able to close your refinance loan in a little over 30 days.

What happens at the loan closing?

It varies from state-to-state. Depending on where your property is located, it may be necessary for you to go to a designated settlement location such as an escrow office or attorney’s office. Some states allow for you to sign in the comfort of your own home. While in the presence of a signing authority, you will review and sign all your loan documents. If you decided to finance the closing fees and other applicable closing funds in your new loan then the process is complete.* If not, then you will need to present a certified or cashier’s check to pay the closing fees and other applicable closing funds. It’s that simple. Refinance made easy. * No closing costs options are NOT available in Washington. † By refinancing your existing loan, your total finance charges may be higher over the life of the loan.