Refinance

Refinancing occurs when the current loan on a home is replaced by another loan in order to provide a benefit to the borrower. It may be done in order to lower the interest rate or the monthly payment. It might be to move from an adjustable to a fixed rate.  It may just be to get some cash out for something such as home improvement. Milestone often offers a credit for closing costs. Please click on "Credit Closing Costs" to view an example of a settlement statement that shows Milestone crediting closing costs. Please click "Items To Provide" to see some of the things that you will need to provide in order to refinance. Please click "Contact Milestone" to contact Milestone with any questions.

Please send Milestone the following items:

  • Most current paycheck stubs that cover the last thirty days.
  • Last two years W2's.
  • Last two years complete 1040's federal tax returns. (If self employed or has rental property.)
  • Last two months bank statements. (All pages. Example: 1 of 4, 2 of4, 3 of 4 and 4 of 4)
  • Last two months 401K statements. (All pages. Example: 1 of 4, 2 of4, 3 of 4 and 4 of 4)
  • Sign and return disclosures provided from Milestone.
  • If purchase loan please provide real estate agent's name and phone number.

If scanning the items please send to sam@milestonebroker.com
If faxing then please send to 800-925-3338
Please call 800-887-8886 with any questions.

The California Department of Real Estate's web site states that "...words used in advertising can be misleading in themselves. "No Cost" loans and "No Fee" loans are such words. All real property secured loans have certain inherent costs, such as title insurance, escrow, appraisal, recording fees, etc. These services are bought and paid for by the borrower in all loan transactions. In the cases where a broker arranges a premium priced loan where a lender rebate is used to pay for these services, the services are still performed and the costs incurred. The borrower pays the costs of the services via a higher interest rate than would be available if the borrower paid for the services out-of-pocket. In effect, the borrower finances the closing costs over the entire life of the loan. Although there may be no out-of-pocket costs to the borrower, clearly there are fees and costs involved..." The advantage of a loan where you receive a credit for your closing cost is that it allows you to pay for the closing cost a little at a time throughout the life of the loan. Paying as you go instead of all that money upfront can be a much better financially if you should refinance or sell your home in the early part of a thirty year loan. We credit the appraisal, title insurance, escrow and all other closing costs except your taxes, insurance and interest that you would otherwise pay. Most people will refinance again or sell their home before thirty years have gone by. With no prepayment penalty you may be able to drop the rate again with another credit. To qualify for this offer loans must be greater than $200,000. Borrower must have a middle fico score of 680 or higher. Call for a free rate quote today and compare our bottom line prices with any competitor.