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For over 20 years, Baillie & Hershman has been helping homeowners nationwide refinance their homes.

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Mortgage Refinance Baillie & Hershman

Not all firms are created equal, particularly when it comes to the unique process of home refinancing. Our fast response time and experience with most leading financial institutions, lenders, and title companies put us above the rest.

Let us work for you to best tailor the transaction to meet your needs and interests.
At Baillie & Hershman, our entire staff takes great pride in providing transparent communication with our clients and the lenders involved making the process anxiety-free and seamless.

The experienced lawyers of Baillie & Hershman P.C. are ready to represent you effectively and protect your interests — whether you live in Westchester NY or the surrounding metropolitan area, Connecticut, Massachusetts and Maine.

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Clients trust the attorneys of Baillie & Hershman to manage their real estate settlement services.

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Law

Residential & Commercial Real Estate Law

We have Over 150 years of combined experience among us and understand the nuances of residential, commercial, and relocation real estate transactions.

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What Makes Us Your Trusted Legal Partner

As your legal representative, our attorneys' focus is to provide you with the level of assurance and legal support needed to efficiently close your transaction.

Quality service

Exemplary Customer Service

We are extremely proud to have assembled an exceptional team of attorneys, paralegals and legal assistants -- they truly represent the pinnacle of their field in terms of knowledge and customer satisfaction.

Customer service

We Are Here When You Need Us Most

At Baillie & Hershman, we understand that there may be last-minute questions and time-sensitive issues. We take pride in being available when you need us.

 

Frequently Asked Questions...

Below are the most frequently asked questions when it comes to refinancing.

What are the rules for refinancing a mortgage?
Depending on the type of refinance loan and your lender, you'll likely need to meet the following refinance requirements: an original mortgage loan in good standing, enough home equity, a qualifying credit score, a moderate debt-to-income ratio, and enough cash to cover the costs of refinancing.
What to look out for when refinancing?
Here are a few things to consider before refinancing:
  • Interest Rates and Terms: One of the primary factors to consider is the current interest rates.
  • Closing Costs and Fees.
  • Credit Score and Financial Profile.
  • Loan Options and Programs.
  • Future Financial Goals and Considerations.
Who pays closing costs when refinancing?
 
When you refinance, you are required to pay closing costs like those you paid when you initially purchased your home. The total cost to refinance your mortgage will be determined by your lender, your credit score and your location, but you can expect to spend 3%–6% of your loan principal.
Behind the scenes of a mortgage refinance application
Refinancing a mortgage involves a series of steps and personnel working behind the scenes to process your application and ultimately approve or deny the new loan. Here's a look at the process: 
1. Initial application and documentation
  • You'll start by filling out a loan application and providing financial documents, similar to your original mortgage application.
  • This paperwork will include proof of income (pay stubs, W-2s, tax returns), assets (bank statements, investment accounts), and information on your existing mortgage.
  • Some lenders offer a streamlined, digital approach where you can upload documents online. 
2. Processing and vetting
  • A loan processor will gather and organize your documentation for review.
  • They'll order credit reports, title searches, and tax transcripts to verify the information on your application.
  • They may contact you to clarify or request additional documentation, so be responsive to their requests to avoid delays.
  • The processor will also ensure your application complies with mortgage industry regulations. 
3. Underwriting
  • The underwriter is the key decision-maker in the process, evaluating your overall financial profile to determine if you qualify for the new loan.
  • They focus on the "three C's" of underwriting:
    • Credit: Your credit history demonstrates your reliability in repaying debts.
    • Capacity: Your income and debt load determine your ability to make the new mortgage payments.
    • Collateral: The appraised value of your home provides sufficient security for the loan.
  • The underwriter will issue a conditional approval, often with a list of remaining conditions or paperwork required for final approval. 
4. Appraisal
  • A crucial step is obtaining a home appraisal to determine the current market value of your property.
  • The lender will order an independent appraisal, and the appraiser will contact you to schedule a visit to your home.
  • The appraisal helps the underwriter confirm that the loan-to-value (LTV) ratio meets their guidelines. 
5. Title and homeowners insurance
  • A title company performs a title search to ensure there are no liens or issues with the property's ownership.
  • You'll need to provide proof of homeowners insurance, either from your existing insurer or a new one.
  • These aspects are crucial to protect the lender's interest in the property. 
6. Closing
  • Once all conditions are met, you'll receive a Closing Disclosure (CD) detailing the loan terms, projected payments, and final costs.
  • You'll attend the closing, typically with a notary, to sign the final loan documents.
  • There's a mandatory three-day "Right of Rescission" period after signing, allowing you to cancel the refinance if you change your mind.
  • After the rescission period, the lender funds the loan, and the title company pays off your previous mortgage. 
In essence, refinancing involves a collaborative effort among a loan processor, underwriter, appraiser, title company, and other professionals working to ensure your application meets lending requirements and the new loan is processed correctly. 
How long does the refinance process take?
Refinancing usually takes 30 – 50 days, followed by a 3-day recision period, after which your loan is funded. You can minimize delays on your end by making sure you qualify beforehand, having your paperwork in order, and preparing for your appraisal.
How long do you have to keep a house after refinancing?
The average timeframe for an owner-occupancy clause to remain in effect is about six to 12 months, but it's always advisable to talk to your lender and read the fine print of your new mortgage note to make sure. If you decide to sell your home too soon after refinancing, your lender could accuse you of mortgage fraud.
How much equity do you need to refinance?
 
Lenders typically require at least 20% home equity to refinance. But you can refinance with less equity if you choose a conventional rate-and-term refinance or a streamline refinance through the FHA, USDA or VA loan programs.
Do they inspect your home when you refinance?
Appraisal order: Once your refinance application is underway, the lender requests an independent appraisal from a licensed appraiser. Scheduling the visit: The appraiser contacts you to schedule a time to inspect the property. In most cases, you can be present for the visit.
What happens at a refinance closing?
You'll be asked to review and sign several documents, including affidavits and declarations. Be sure to read all documents carefully and understand their purpose as they are legally binding. When everything is signed and completed, you'll leave the office with a new loan, including a new rate and term.

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