4 Ways To Prepare For Your Refinance
4 Ways To Prepare For Your Refinance: Introduction
If there is one thing you think you can’t pass up, it is refinancing your current mortgage to a lesser payment and a lower rate. Another option for refinancing has to be the ability to tap into your home’s equity in order to do some repairs or make some upgrades. With current home values increasing, equity being had buy a lot of home owner’s, and rates at still near historic lows the options are plentiful for people to refinance their homes. Now just because there are positive signs from the market that this is what you should do, it is always wise to plan out your options to make sure it makes sense for you. Just don’t think you want to pull all the equity out of your home without having a plan. In this article we will look at 4 Ways To Prepare For Your Refinance. If you follow these steps, you will be in a good place to give me a call and get your refinance started today! I can be reached at 888-900-1020, firstname.lastname@example.org, or by visiting www.loanconsultants.org to apply today!
1. Crunch The Numbers
One of the Ways To Prepare For Your Refinance is to make sure you crunch the numbers and the situation before you make any decision that affects your mortgage. If you are thinking about restarting the clock on your 30 year mortgage you want to make sure you are more than 30 years away from retirement or you will be left with a mortgage payment upon entering retirement. If you are closer to retirement, you may want to go for the 15 year mortgage and if you can afford, you will make sure it is paid off prior to retirement. As always you want to make sure that new 15 year payment is affordable considering the increase from a 30 year mortgage.
2. Study Your Credit Report
Another of the Ways To Prepare For Your Refinance is to study and be familiar with your credit score and what all is on your credit report. Just because you may not have purchased anything lately that takes credit into account doesn’t mean your credit will automatically be fine. Let’s say you have a few current late payments on a credit card, this can affect your eligibility tremendously as having current late payments is an easy way to get your loan denied by the underwriters. Also, if you can pull your credit report for free you have the opportunity to see if any mistakes were made and to have them rectified.
3. Estimate Home’s Value
Another of the Ways To Prepare For Your Refinance easily is to get a good idea of the amount of equity you are able to access in your home if you are looking for a cash-out refinance. It is also nice to know how much equity you have because if you are in an FHA Loan, once you get under 80% LTV, you can refinance your home to a conventional loan and remove the mortgage insurance. Finally, if you know your home’s value is underwater, you will not be able to refinance, period.
4. Research Lenders
One of the final Ways To Prepare For Your Refinance is to do your research when it comes to lenders. If you find an individual like myself, we will walk you through the entire process and give you our honest opinion with no strings attached. I am here to help my borrowers and be open with them 100%. I want to do your loan, but I also want you to be comfortable with me doing your loan. I value the customer more than all other lending agencies and I take every loan to heart and do my best to obtain the best rate possible. If you are enticed by this and want to know even more Ways To Prepare For Your Refinance please call me ASAP at 888-900-1020 as here at Loan Consultants we make our customers #1!