Q: How do I apply for a refinance?

A: At aasent, you can either fill out an online application, or call one of our lending advisors for assistance, which ever is more convenient for you…

Q: How much documentation will I need to provide?

A: This will depend on the type of loan you are applying for as well as the main objective to refinance. Each individual borrower’s needs are unique and can require loan customization.

Q: What mortgage product is right for me?

A: This will depend on your overall objective of refinancing. Please consult with one of our experienced lending advisors to determine which product will satisfy your needs.

Q: What is an escrow/ impound account? Do I need one?

A: With an escrow account your taxes and insurance are paid on a monthly basis and added into your mortgage payment. If you do not escrow, you will be responsible for paying one large lump sum at the end of the year. No, you do not have to escrow if your mortgage is under 80% of the appraised value.

Q: Why is the Annual Percentage Rate (APR) different than the interest rate?

A: Generally the Annual Percentage Rate (APR) is higher than the interest rate. The APR is a measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans.

Q: When and why can I lock my interest rate?

A: At aasent you can lock your loan once you have filled out an application. The reason you would want to lock your loan is to guarantee you a specific rate in the future. Most locks are good for 30 days.

Q: How long will the process take?

A: aasent's average transaction turnaround time is less than 10 days.

Q: How does a refinance closing work?

A: Once your loan is approved, your lending advisor will contact you to schedule the closing at your convenience. You will receive Settlement Statement (HUD1) at least 48 hours prior to closing. Your lending advisor will ensure that all of the necessary closing documents are sent to the settlement agent's office.

Q: Can I refinance my second home or investment property with aasent?

A: Yes! We have a complete range of products suited for these properties.