| Frequently Asked Questions |
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Often times even the most knowledgeable friend can give some misinformed advice. Here are the answers to many questions that we get everyday.
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| Will it will take at least three months to refinance? |
At PHL we will qualify you in less than an hour and work on you loan until it funds. Unlike other mortgage companies we can often fund your loan in as little as two to three weeks.
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| Will refinancing require me to complete a lot of paperwork? |
At PHL, A Personal Credit manager will walk you through the entire process, explain what information you need to provide, and will then fill out all of your paperwork.
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| Should you only refinance when interest rates are low? |
This is the number one question we receive. The answer is yes; however, you must look at what you are paying on ALL of your credit lines. If you have a current mortgage rate of 6%, but are paying 15-22% on credit cards and auto loans, it definitely makes sense to refi. You might end up with a slightly higher mortgage rate; however, your overall rate will decrease. Thus saving you money each month.
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| Refinancing always extends the term of the loan.? |
Refinancing does not have to lengthen the term of the loan. PHL offers many terms less than 30 years. Some are as few as 10 years.
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| Will I qualify? |
Priority Homelending looks at three criteria when approving a loan: Credit, Income and Equity. So even if you have bad credit, your income and equity will enable you to get approved.This is why we are able to approve some borrowers that other lenders can not.We look at the Complete picture.
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