Six Steps to Refinance Your Mortgage
Refinancing a mortgage can be a confusing time. So much paperwork and stress. Here are our top tips for making the process simple.
Use the Experience of a Specialist
Cut through the loopholes and save yourself the headache by finding an expert to help you handle this important step for your future. A Specialist will know what information is needed, how to file everything, and what steps you take to improve your mortgage. Don’t wade through this strange sea without guidance!
Shop Around
Found a deal that seems too good to be true? Well, your instinct might just be right. Be sure to ask as many questions as you can, until you understand the offer thoroughly. And if it isn’t right for you, don’t settle for it -- find a better one.
Closing Costs
It’s easy to forget the closing costs when estimating the total price. Avoid this pitfall and keep your budget simple.
Be Sure You Have the Right Type of Mortgage for You
One size does not fit all when it comes to mortgages. An adjustable-rate mortgage might be a better fit for you than a fixed-rate mortgage, but then again it might not. There are many loan types available to the canny homeowner.
Know Your Credit Score
Check each of the three major credit bureaus before you refinance: Experian, Equifax, and Transunion. It is not unlikely that each will give you a slightly different score. In the case of any mistakes made, contact all three bureaus and inform them of this, so that your credit score isn’t hurt.
Answer those emails
If your lender calls or emails you, it is best to reply as promptly as possible so that your refinancing goes smoothly and without time-wasting hitches. The need for a single document can hang up the whole process.
