Your Refinance

Thinking About Refinancing?

People usually consider refinancing for three reasons: reduce their rate, get cash out of their home, or shorten the term of the loan. Our team will help determine if this is the right next step for you. In just four steps, you’ll be on your way to completing your refinance and accomplishing your goals.

SEE REFINANCE OPTIONS

Step 1: Let Us Help

Refinancing makes it possible for homeowners to reduce their interest rates, shorten the loan’s duration, access equity for home improvements or tap into funds that can be used for nearly any purpose. There are different refinancing options, each designed to meet specific needs. One of our experienced Mortgage Loan Originators (MLOs) will walk you through the process.

 

Step 2: Credit Check

If you’re interested in refinancing, your credit and finances need to be in good order. You’re entitled to one free credit report per year from each of the three main credit bureaus - request yours at annualcreditreport.com. If necessary, correct any errors or make changes to improve your credit score. Meanwhile, we can gather information about your income (W-2s, K-1s, 1099s) and assets (like bank and investment accounts) via electronic verification. You’ll also put together a list of debt and other monthly obligations - things like auto loans, credit cards, and child support payments.

 

Step 3: Apply

Your BKCO Mortgage loan officer will order an appraisal to determine your home’s current market value. They will work with you to complete the application based on your income, assets, debt and equity in your home. Our processing team and underwriters will review your documentation and let us know if additional information is needed. Much of our loan processing is now done completely digitally, drastically reducing the application-to-approval timeline.

 

Step 4: Approval & Closing

When your loan has been approved, we’ll schedule the closing for you to sign any remaining documentation. And that’s it: Your refinance is complete!

 

Loan Options

Lower Your Monthly Payments

You may be able to reduce your monthly loan payments by refinancing your current loan. We can help you make the best choice!

Available Options:
ARM: 5-year
Fixed-Rate:  25, 30-year

Reduce The Term of Your Loan

Refinancing to a lower interest rate and/or choosing a shorter term may reduce the total amount of interest you pay. Even if the interest rate is higher, a shorter term can contribute to a lower amount of total interest paid.

Renovation Loan

An FHA 203 (k) rehabilition loan can help you refinance your home and give it some TLC. A 203 (k) limited loan has a $35k rehab cap, while a full 203 (k) doesn't have a limit on renovation costs. This funding can be used for a simple updates or major renovations, which could include:
• Energy-efficient windows and features
• Remodeling outdated kitchens and bathrooms
• Safety features for the elderly or disabled
• Plumbing and electrical updates

Jumbo Loan

Homeowners who own more than $417,000 on their home may be able to realize great benefits with a Jumbo Loan Refinance, including reducing their interest rate, shortening the mortgage's term, completing home renovations or accessing cash for other purposes. Even a small interest rate can make a significant impact.

FHA Streamline

A FHA Streamline is a simplified refinancing process for those with an existing Federal Housing Administration (FHA) mortgage. It requires less documentation and is typically completed quickly.

VA Streamline

A VA Streamline refinance is a simplified process that requires minimal documentation to lower the interest rate for your Veterans Administration (VA) mortgage. This Interest Rate Reduction Refinance Loan is abbreviated as IRRRL.

VA Cash Out

A VA cash-out is a simplified refinancing option that provides access to the equity in your home for those with a Veterans Administration (VA) mortgage. Funds from approved refinances can be used however you choose.