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    Homeowners looking to refinance an existing loan will want to be sure to ask the following questions.

    Who will work with me throughout the loan process?

    At Embrace Home Loans every customer has a dedicated Mortgage Specialist who will work with them from application to closing. Your Embrace Mortgage Specialist will keep you up-to-date as your loan moves through the process and assist you in pulling together the necessary documentation.

    What is the interest rate, how is it determined and will the rate change?

    The interest rate you receive is based on current market rates. Your credit score and equity in the property will also impact your rate. The better your credit the better your rate. You can lock your rate for up to 45 days when refinancing.

    What will my monthly payment be?

    The payment depends on the loan amount, the loan term, and the interest rate.  Your estimated monthly payment will be disclosed on the Loan Estimate. You can use Embrace’s payment calculator to calculate the monthly principal and interest payments for different scenarios.

    What will my estimated closing costs be?

    Your Mortgage Specialist will provide you with a Loan Estimate as part of your application package. When you receive a Loan Estimate, it should reflect the loan you discussed with your mortgage specialists. Check to see that everything matches your expectations. If something looks different from what you expected, ask why. Page 2 of the loan estimate will contain your estimated closing costs. Three days prior to your loan closing, you’ll receive the Closing Disclosure detailing final costs.

    Are there pre-payment penalties?

    Embrace Home Loans does not include prepayment penalties on any loan we originate. Other lenders may. If you have a current mortgage with another lender you can check your mortgage. Your Embrace Mortgage Specialists can help you determine if your current mortgage made  with another lender has a prepayment penalty

    Whether you’re buying or refinancing, Embrace Home Loans has the answers you’re looking for and the information you need to make the right choice.

    Your mortgage options for a smooth journey home.

    Get expert guidance and personalized solutions for a stress-free mortgage experience.