FAQs Archive | Cardinal Financial https://www.cardinalfinancial.com/faq/ Mortgage. The right way. Thu, 08 Feb 2024 18:25:52 +0000 en-US hourly 1 What is a typical refinance timeline? https://www.cardinalfinancial.com/faq/what-is-a-typical-refinance-timeline/ Thu, 08 Feb 2024 18:23:29 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34755 Since no two refinance loans are exactly alike, completion time may vary. Your timeline could range from a few hours to a few days, depending on the complexity of your loan. Ask […]

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]]> Since no two refinance loans are exactly alike, completion time may vary. Your timeline could range from a few hours to a few days, depending on the complexity of your loan. Ask your loan originator for a more accurate estimate.

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]]> How do I know when to refinance? https://www.cardinalfinancial.com/faq/how-do-i-know-when-to-refinance/ Thu, 08 Feb 2024 18:23:56 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34756 The right time to refinance your mortgage depends on your goals. Are you aiming for a lower rate? Refinance when interest rates drop. Want to pay off your mortgage sooner? Refinancing for […]

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]]> The right time to refinance your mortgage depends on your goals. Are you aiming for a lower rate? Refinance when interest rates drop. Want to pay off your mortgage sooner? Refinancing for a shorter loan term can help you reach that goal. Want to fund home upgrades? Most renovation loans require the project to be completed within a certain time frame after closing, so you should time your refinance around when you plan to complete your renovation projects.

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]]> What’s the difference between a “typical” refinance and a cash-out refinance? https://www.cardinalfinancial.com/faq/whats-the-difference-between-a-typical-refinance-and-a-cash-out-refinance/ Thu, 08 Feb 2024 18:24:13 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34757 When you think of a “typical” refinance, you’re probably thinking of a rate and term refinance. In a rate and term refi, you refinance your loan in order to get (you guessed […]

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]]> When you think of a “typical” refinance, you’re probably thinking of a rate and term refinance. In a rate and term refi, you refinance your loan in order to get (you guessed it) a new rate and term. In a cash-out refinance, you leverage your existing home equity for cash. You’ll repay the amount you “cash out” over time through a new rate and term on your new mortgage.

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]]> What can I use the cash from a cash-out refinance for? https://www.cardinalfinancial.com/faq/what-can-i-use-the-cash-from-a-cash-out-refinance-for/ Thu, 08 Feb 2024 18:24:33 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34758 When you receive the cash from your home equity, it’s yours to use as you see fit. Some popular options are to consolidate debt, fund home repairs, or help with everyday expenses.* […]

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]]> When you receive the cash from your home equity, it’s yours to use as you see fit. Some popular options are to consolidate debt, fund home repairs, or help with everyday expenses.* There are no restrictions on how you can utilize the funds, but we recommend consulting your own financial advisor before making any decisions.

*Using your home equity to pay off debts or make other purchases does not eliminate the debt or the cost of the purchases, but rather increases the loan amount of your mortgage to be paid according to your new mortgage terms.

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]]> How is a VA refinance different from a Conventional refinance? https://www.cardinalfinancial.com/faq/how-is-a-va-refinance-different-from-a-conventional-refinance/ Thu, 08 Feb 2024 18:24:51 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34759 VA loans come with a lot of great benefits for qualified borrowers, including the ability to streamline your refinance. A VA Streamline refi, also known as an IRRRL (Interest Rate Reduction Refinance […]

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]]> VA loans come with a lot of great benefits for qualified borrowers, including the ability to streamline your refinance. A VA Streamline refi, also known as an IRRRL (Interest Rate Reduction Refinance Loan), lets you skip the appraisal for a faster process with less paperwork.

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]]> Can I refinance to a different loan type than my current mortgage? https://www.cardinalfinancial.com/faq/can-i-refinance-to-a-different-loan-type-than-my-current-mortgage/ Thu, 08 Feb 2024 18:25:05 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34760 The short answer: Yes! The long answer: It depends on qualifying criteria for the loan type you want to refinance to.

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]]> The short answer: Yes! The long answer: It depends on qualifying criteria for the loan type you want to refinance to.

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]]> What does my credit score need to be to refinance? https://www.cardinalfinancial.com/faq/what-does-my-credit-score-need-to-be-to-refinance/ Thu, 08 Feb 2024 18:25:21 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34761 It depends on the type of refinance you have in mind. In some special cases, we may be able to provide financing with no credit score at all. In most cases, though, […]

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]]> It depends on the type of refinance you have in mind. In some special cases, we may be able to provide financing with no credit score at all. In most cases, though, you’ll want to aim for a score of at least 550.

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]]> What is an FHA Streamline refinance? https://www.cardinalfinancial.com/faq/what-is-an-fha-streamline-refinance/ Thu, 08 Feb 2024 18:25:37 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34762 If your current mortgage is an FHA loan and you don’t plan to refinance to a different loan type, you can do an FHA Streamline refi. The process is similar to a […]

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]]> If your current mortgage is an FHA loan and you don’t plan to refinance to a different loan type, you can do an FHA Streamline refi. The process is similar to a Conventional rate and term refinance, but you get to skip the appraisal. Nice, right?

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]]> Do I need an appraisal to refinance? https://www.cardinalfinancial.com/faq/do-i-need-an-appraisal-to-refinance/ Thu, 08 Feb 2024 18:25:52 +0000 https://www.cardinalfinancial.com/?post_type=faq&p=34763 FHA Streamline refinance loans and VA IRRRLs require no appraisal. For most refinances, you’ll need to get an appraisal like you did for your initial home purchase.

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]]> FHA Streamline refinance loans and VA IRRRLs require no appraisal. For most refinances, you’ll need to get an appraisal like you did for your initial home purchase.

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]]> What will my monthly mortgage payment be? https://www.cardinalfinancial.com/faq/what-will-my-monthly-mortgage-payment-be/ Wed, 09 Feb 2022 06:55:37 +0000 https://cardfin2prd.wpengine.com/?post_type=faq&p=27128 Look at you, eager to get going! Your monthly mortgage payment depends on factors like your home price, down payment, loan term, property taxes, homeowners insurance, and interest rate. Your exact payment […]

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]]> Look at you, eager to get going! Your monthly mortgage payment depends on factors like your home price, down payment, loan term, property taxes, homeowners insurance, and interest rate. Your exact payment amount will be included in your closing documents, but until then, get an estimate using our mortgage calculator.

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]]> What in the world is an appraisal? https://www.cardinalfinancial.com/faq/what-in-the-world-is-an-appraisal/ Wed, 09 Feb 2022 06:55:03 +0000 https://cardfin2prd.wpengine.com/?post_type=faq&p=27126 An appraisal provides an unbiased valuation of the home’s value. Thing is, if that value is lower than your offer, your new mortgage won’t cover the gap. But if that happens? No […]

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]]> An appraisal provides an unbiased valuation of the home’s value. Thing is, if that value is lower than your offer, your new mortgage won’t cover the gap. But if that happens? No worries. You can re-negotiate with the seller, pay the difference, or cancel your offer and keep looking.

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]]> Do I need PMI? (Also, what’s PMI?) https://www.cardinalfinancial.com/faq/do-i-need-pmi-also-whats-pmi/ Wed, 09 Feb 2022 06:54:48 +0000 https://cardfin2prd.wpengine.com/?post_type=faq&p=27125 PMI, or private mortgage insurance, is required if your down payment is less than 20%. This makes your monthly payment higher, but lets you get the home you want without having to […]

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]]> PMI, or private mortgage insurance, is required if your down payment is less than 20%. This makes your monthly payment higher, but lets you get the home you want without having to throw your whole savings at the down payment.

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