Saffron Premier Mortgage LLC
(425) 515-6006

Low Cost Refinance Offer

At Saffron Premier Mortgage we specialize in offering mortgage products that start saving you money from the date of closing. 

When considering a refinance offer, make sure you pay attention to the following items to structure your refinance efficiently: 

1. Lender Fees - Refinance charges and upfront lender fees could wipe out any potential savings from a refinance transaction or make it so that it takes years for you to start seeing real tangible savings from your refinance. As an example, if a refinance offer saves you $500 a month in interest, but costs $6,000 in fees to close, it will take approximately a year for you to get a tangible benefit. That is why Saffron Premier has designed a program to eliminate or offset as many of these fees as possible to ensure that you have real savings starting the day you close.

2. Extending Loan Term - If you took out a 30-year mortgage 3 years ago, you would only have 27 years remaining on your mortgage. When looking at refinance offers, lenders may not explain that by setting you up with a new 30-year loan, you may end up paying more in total interest payments over the new longer term, even if you obtain a lower interest rate. At Saffron Premier Mortgage, we offer custom term mortgages so you can keep or even accelerate the payoff of your loan. For example, we can structure a 29, 28, 27, 26, 25 ... year loan. This way we can ensure that you have legitimate interest savings and that you are building equity faster, not just artificially lowering your payment and staying in debt for a longer period of time.

3. Maintaining an Escrow Account - Saffron Premier Mortgage can give you options to pay your own property taxes and insurance to improve your monthly cash flow. You can set aside funds to pay for these expenses in your own high-yield accounts instead of letting a lender hold on to this capital for you without any returns.

4. Paying for Unnecessary Services - As long as your property is eligible, you may not need to pay for a new lender's title insurance policy or settlement services. Saffron Premier Mortgage can cover the cost of these services on your behalf. You may also be eligible for an appraisal waiver or low-cost appraisal options. 

Fees We Do Not Charge

  • Origination Fee - An origination fee in a mortgage transaction is a charge by the lender for expenses related to setting up your loan, researching your loan options, and compensating your loan officer. This fee can be as high as 1-2% of your loan amount. Saffron Premier Mortgage does not charge this fee.
  • Underwriting Fee - An underwriting fee is a charge that covers the cost of evaluating and verifying the information and documents you provided as part of your loan application before the lender gives final approval. This fee typically costs between $1,000 and $2,000. Saffron Premier Mortgage does not charge this fee. 
  • Processing Fee - A processing fee is a charge that covers the cost of obtaining, organizing, and reviewing documents from 3rd parties related to your mortgage loan application, for example, HOA, insurance, income, payoffs, appraisal etc. This fee typically costs between $500 and $1,000.  Saffron Premier Mortgage does not charge this fee. 
  • Rate Lock Fee / Commitment Fee - Some lenders charge you an upfront cost to lock your rate. This fee typically costs between $100 and $500. This is typically a non-refundable fee that is charged to discourage you from shopping with other lenders. Saffron Premier Mortgage does not charge a rate lock or commitment fee. 
  • Lender's Title Insurance (On Refinance Transactions) - This can save you up to $1,000. Contact your loan officer to see if your property is eligible. 
  • Settlement Services (On Refinance Transactions) - This can save you up to $1,500. Contact your loan officer to see if your property is eligible.
  • Points* - A point, also commonly referred to as a "discount point", is an upfront fee paid to your lender to lower your interest rate over the life of your loan. 1 Point is equal to 1% of your loan amount. Paying an excessive amount in points is not typically recommend. You may end up paying more in points than the amount you would save in interest payments. In limited circumstances paying points may make sense for your scenario. Ask your loan officer for more information specific to your loan application.

Other Closing Costs:

The following fees are paid to 3rd parties and are not directly collected by the lender. You may be eligible for lender credits to offset some or all of these fees. Ask your loan officer for more information specific to your loan scenario.

  • Credit Report Fee
  • Appraisal
  • Verification Fees (Tax Service, Flood Report, MERS)
  • Government Taxes & Recording Fees

Limitations and Considerations: 

Please be aware that the principal balance shown on your monthly mortgage statement is not the same as an official payoff statement. An official payoff statement must be obtained from your current lender. This statement will include partial interest charges and fees due at closing and will be calculated to an exact closing date.

Please be aware that we may collect up to 10 days of days of interest as "reserves" to ensure that your previous lender releases the lien on the property in case of any delays in processing the payoff. Any unused portion of these reserves will be refunded to you at closing. You may be able to plan your closing date to keep this reserve interest payment down to a minimum. Ask your loan officer for additional information.

You may be able to roll these costs into your loan without penalty if you wish to close with $0 money out of pocket. This will depend on your specific property and loan scenario. Ask your loan officer for additional information. 

You may be able to get up to $2,000 cash back at closing. Ask your loan officer for additional information.

Assumptions

  • You are refinancing a single family detached home. Townhomes and Condominiums are accepted on a case-by-case basis but may have additional fees related to obtaining and reviewing HOA documents.
  • You are refinancing a primary residence. Investment properties may require additional fees to document rental income.
  • You have a total debt-to-income ratio <= 45%. You are welcome to submit an application if you don't meet this requirement. Your loan officer will advise you of additional loan options.
  • You have an excellent FICO credit score (700+). You are welcome to submit an application if you don't meet this requirement. Your loan officer will advise you of additional loan options.