A Short Refinance is when your current lender accepts a short payoff on your current loan so that you can refinance into new loan. More lenders are allowing Short Refinances as the home values continue to decline across the country. 

The steps involved in a Short Refinance include being prescreened, getting approved for the new loan, and negotiating the payoff with your current lender. This process usually takes 5 weeks and may take up to a few months depending on your current lender.

Step 1: Prescreening 

1)      Contact your current lenders and ask them if they will accept a short refinance. If the lender says yes, document the name and phone number of the person you spoke with.   2)     Complete the online application. We will email you the necessary forms to complete and a list of the documents required to process your loan. 

Step 2:  Obtain new loan approval 

Step 3: Submit Short Refinance request  

Once your lender has accepted our Short Refinance request we will close your new loan within 2-3 weeks. If your lender does not accept the Short Refinance request, we will continue to negotiate. If a Short Refinance is not possible we will request a Short Sale or Loan Modification. 

Common Questions: 

1) Why can Affinity Financial refinance properties that are upside down in equity? We have preferred relationships with many lenders and investors that offer these special loan programs.  

2) Do I need good credit to qualify?  We can refinance borrowers with credit scores from 850 to 530.

Go to  www.Short-Refinance.com for more information.