If you're one of the numerous American homeowners who has been turned down for a traditional mortgage refinance and are enduring the hardship of an upside mortgage or an ARM that is scheduled to adjust up, a short refinance may be the solution for you. However, successfully carrying out a short refi under the best possible terms can prove a difficult process without expert guidance. Learn what to expect from the short pay refi process and contact a mortgage specialist to cut through the red tape and ease the process of
short refinancing.
Do You Qualify for a Short Refi?
You need to be current on your mortgage payments for the past 12 months in order to qualify for a short pay refi. Those with late payments or mortgages in default will need to seek other loss mitigation avenues, such as a loan modification or a short sale.
A good credit report is also imperative to your eligibility for a short pay refi. A solid history of income and steady employment are other plus points that can get you on the road to short refinancing.
Consult a Qualified Mortgage Specialist to Assist With the Short Refi Process
Due to the complexity of mortgage debt negotiation, you should work with a mortgage expert who specializes in short refinancing. A short refinancing mortgage specialist not only helps you qualify for a
short refi, but can also get you the best possible terms.
You will need to provide supporting documents to illustrate your eligibility for a short refi, such as paycheck stubs and a credit report. In addition, an appraisal will be conducted to determine the current market value of the home. Your short refinance mortgage specialist will use the appraisal, along with the new lender agreement to negotiate with your existing lender.
Approval Timeline for a Short Refinance
The length of time it takes to get approved for a
short pay refi varies with respect to the lender. However, as a general guideline, it can take approximately 90 to 120 days. Be sure to work with your short refinance mortgage specialist and provide the necessary paperwork to expedite the process and set things in motion.
