Expert Advice on Refinancing Your Home Loan: An Interview with Jesse Collins of Carlyle Financial

Tell us a little bit about your company and the services you offer.

Carlyle Financial is a California-based mortgage bank specializing in jumbo purchase and refinance loans, including ARM and interest-only products. We work to close each loan quickly and efficiently, ultimately leading to a more positive lending experience for every client.

What does it mean when you refinance a home loan?

Refinancing means that you are taking out a new home loan on a property that you currently own. This could mean either using the new loan to pay off an existing loan on the property, or taking a new loan on a property that is owned free and clear.

When do homeowners typically become interested in refinancing their mortgage?

Over the last few years the main focus of clients looking to refinance has been to take advantage of historically low interest rates. Refinancing can also become a priority when homeowners experience changes to their income, employment or family situation. There can be any number of scenarios where someone will be motivated to refinance a property.

What are the main benefits for a homeowner who refinances their home loan?

There are several main reasons where a client can benefit from a refinance loan:

a) to lower their interest rate and monthly payment
b) to take advantage of the equity they've built and take cash out of the home
c) to reduce the term of the loan so they can pay it off quicker

We work with each client to help them determine what their options are for refinancing and what (if any) is the best way to benefit from a new loan.

Can you briefly describe how the refinance process works?

The client(s) will submit their income and asset documentation to be reviewed for approval by an underwriter. We will also do an appraisal on the property to make sure that the value of the property will support the new loan. Once the loan is approved and the appraisal is done, we will satisfy any outstanding conditions that are needed for closing, and loan documents will be generated for the client(s) to sign.

What do most people not know about mortgages that they should know before they refinance?

I think a common misconception is that a refinance loan will be a long and tedious process. We look to close every loan in 30 days, even on a jumbo refinance loan. Even though a refinance doesn't always have a firm deadline like a purchase transaction with a scheduled close of escrow date, it's important to us that every home loan receives the same level of attention and priority.

What's the best way for people to get in contact with you and your company?

You are welcome to call us anytime at 310.276.7400 or 800.975.BANK (2265). Our mortgage bankers are available on weekdays from 8am - 7pm PST, and after hours and on weekends by appointment.