Refinancing 101

March 31, 2020
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Refinancing can help you achieve long-term financial goals by lowering your rate or shortening the life of your loan. At UBT, Loan Officers have the experience and market knowledge to expertly guide you through the process.

What can refinancing do for you? Several things. For one, you may get a better interest rate. A lower rate may help lower monthly payments or help you pay off your mortgage sooner. If you have a 30-year home loan, refinancing to a 15-year mortgage might be a good choice. You’ll pay it off sooner and pay less in interest. 

You can also use your home’s equity to do more. With a cash-out refinance, you can tap your home’s equity to get funds for whatever you choose. This is also a good option for consolidating debt. Take the first step and use our refinancing calculator to start the conversation by taking into account refinancing costs, current interest rates, and how long you plan to stay in your home.

Once you have decided to refinance, UBT’s online application makes the process of getting a loan quick, simple, and safe. Here’s how to get started:

  • Add your information into the application, including your name, marital status, and current address, and include the same information for any co-applicants.
  • The application section that asks for your assets, income, real estate, and any declarations will help us better understand the type of property you’re buying and financing you want.
  • The “getting to know you” portion will ask about things like the value of the property you’re refinancing and how much you’re looking to borrow.
  • Your income is used to evaluate your ability to make monthly payments. Select the income source you’d like considered as part of your application. Our online application integrates with some payroll providers and many banks to make this part easier.
  • After that, we’ll ask you about any real estate you own and any financing you have. Please include proof of your homeowner’s insurance policy, if applicable.
  • Then, we’ll ask you to provide some demographic information, which we encourage you to answer. The law prohibits lenders from discriminating on the basis of this information.
  • Next, we’ll ask you about any financial circumstances you need to disclose. These questions will help us understand more about your financial situation when we review your application.

At UBT, you can take the next step knowing our team of professionals will be there to help find the right financing for you.

  • Personal
  • Owning a Home
  • Refinancing
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