Refinancing

Mortgage Refinancing

At Poli Mortgage Group, we believe in offering every customer as much mortgage loan information as we possibly can.

We want to help answer your questions about the home loan process and also provide valuable insight on your mortgage loan-related decisions.

We are also committed to keeping every Poli Mortgage customer updated on the latest in mortgage laws and news. If you’re getting ready to purchase or refinance a home, we invite you to explore the valuable self-educational articles and videos here on our website.

These references cover everything from the “how to’s” of buying your house to the real estate and tax topics everyone interested in buying or refinancing property needs to know.

If you’re interested in refinancing your home loan in order to reduce your monthly payment or interest rate, liquidate some of your home’s equity, or pay off any outstanding debt, Poli Mortgage Group is here to help you every step of the way. Please note that total finance charges may be high over the life of the loan.

The refinancing process is fairly straightforward and takes three primary factors into consideration:

1. Home Value – The desired mortgage amount and estimated appraised value of your home will determine refinance eligibility. The Loan-to-Value ratio must be within a qualifying range for refinance program eligibility.

2. Credit Score – If your credit score is the same or better than your last financing round, you have a good chance of qualifying for a mortgage refinance. If your credit rating has lowered, this may result in a closer scrutiny of your loan request.

3. Debt Ratio – If your income has remained stable, and your monthly expenses have not increased, you are in a good position to refinance your home loan. Lowered income and/or increased expenses may present challenges.

We have a number of refinance program options including, but not limited, to our competitive FHA refinance program.

We want to help answer your questions about the home loan process and also provide valuable insight on your mortgage loan decisions. Please reach out to us at 781-232-8000 to speak with one of our experienced loan officers.

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Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, DC, FL, ME, MD, MA, NH, PA and RI. For more licensing information please visit: https://polimortgage.com/licenses/ or by visiting www.nmlsconsumeraccess.org. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.

* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:

PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.

PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.

ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.

CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad PreApproval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.

FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.