The Details of a Step Down Refinancing

Understanding the full details of the Step Down Refinancing program helps homeowners know exactly what to expect before they get started. Joe Tafolla breaks down the key qualifications and restrictions of Seattle's Mortgage Broker's Step Down Refinancing program so there are no surprises.

He covers income and credit score requirements, the six-payment minimum between refinances, the $450,000 minimum loan balance, and which fees the program does and does not cover — including that it does not pay points, temporary buy-downs, or upfront mortgage insurance premiums on government loans like FHA, USDA, and VA. The program covers customary fees found on Line D of the final closing disclosure, with no time restrictions for homeowners refinancing with Seattle's Mortgage Broker for the first time.