This May be the Easiest Way to Refinance and Save Money on Your Mortgage
Your home means everything to you. It’s where you spend time with the people you love most. Getting a mortgage and purchasing it was one of the biggest moments in your life. But things might’ve changed since then, which means you might be spending more than you need to on your mortgage payments.
Maybe you’ve considered refinancing before, but the whole thing felt overwhelming. But still, you know it’s something that could save you a lot of money over the course of your mortgage.
Luckily, a company called loanDepot helps you refinance without all the unnecessary stress.
As one of the biggest non-bank lenders in the U.S., loanDepot combines a digital approach with a traditional in-person customer service — and it could save you big time.
How to Refinance Your Home and Save Money — the Easy Way
It’s surprisingly easy to refinance your mortgage if you want to lower your monthly payment* or pull cash out of your home.
If you’re already a homeowner, you probably have plenty of equity at this point because housing prices keep going up and up and up. A cash-out refinance could free up some of that money and put it in your hands.
And loanDepot makes it easier to upload all your necessary documents into its online portal. You’ll also get help from one of the company’s loan officers, who can guide you through the process. Even better: loanDepot is accredited by the Better Business Bureau with an A+ rating, is licensed to do business in all 50 states and has more than 200 branches across the country.
Since it was founded in 2010, the company has loaned out over $275 billion worth of home loans. It’s now the fifth-largest mortgage lender in the country, working with 27,000 clients a month.
They have lots of different kinds of loans you can choose from, including conventional mortgages, VA loans and FHA loans. But the company’s loan officers follow a “no steering” policy. In other words, there’s no bias or push for you to choose a certain type of loan.
How to Get Started
To get started, you’ll upload the basic personal and financial documentation that any lender needs. Basically, they need to know who you are and other qualifying elements.
Although the documentation part is entirely digital**, you’ll also speak with one of loanDepot’s 3,000 licensed loan officers, who will help you get your final loan approval and schedule your loan closing.
Interest rates and fees vary by customer, but you can talk to a loan officer to get a rate estimate and ask about any fees.
It takes just a few minutes to get started and see how much money you could save on your mortgage.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He has refinanced so many times.
*By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
**Results may vary. Conditions apply