"3 Steps to a Stress- Free Refinance"
Continuing low mortgage rates help keep alive the refinancing boom in mortgage offices across the United States. And, whenever refinancing is hot, it makes two things more likely—delays at the lenders’ office and anxiety in borrowers’ stomachs. Customers want to know… "How do I get my loan at the top of the stack?"
Here are three things you can do to gain an edge over other refinancing applicants and to make the loan process run more smoothly:
#1 KNOW THE "WHY" OF YOUR REFINANCE
The first step, figuring out exactly why you want to refinance, is key. "Because rates are low" isn’t the ONLY reason to refinance.
Getting a home loan is like buying a vehicle. You have many choices, and only some of them are right for you. When you go to an auto dealer, the salesperson wants to know whether you want to haul stuff, have fast ‘n’ furious fun, or feel like a master of your domain. Depending on your priorities, the salesperson might recommend a sedan, pickup truck, sports car or sport –utility vehicle."The more prepared the consumer is the more that we can give you a tremendous amount of advice and counsel." Mortgage professionals are eager to provide a great deal of advice to narrow down the mortgage products as a means of accomplishing financial goals.
Many homeowners want to refinance to get the lowest possible monthly payment, but the goal is not as straightforward as it seems. The lowest possible payment would come form an Interest – Only Loan, but that type of mortgage is a good fit for only a few.
Perhaps you want to lower your monthly payment, but don’t want to start anew. Just ask your mortgage person to amortize the new loan for the remaining length of the current loan. For EXAMPLE, if you are three years into a 30 year mortgage, you can ask the lender to set up the refinanced loan so that you’re scheduled to pay if off in 27 years. Or you can refinance your home loan to pay it off in 15 or even 10 years.
#2 BRING YOUR PAPERS TO THE FIRST APPOINTMENT
When you first apply, ask your lender for a list of exactly what documentation and information you must provide. This will expedite the process greatly. If you’re applying in person, you can bring in your bank statements, pay stubs, tax returns and other paperwork when you apply, and if you’re missing a critical document, you can rush home and get it.
Refinancing customers often forget two critical pieces of information. First, they sometimes forget to bring in their homeowners insurance policy. At the least, borrowers should have the name of their insurer and policy number. Second, many lenders want to verify the last two years of each borrower’s employment. That means that if you have taken a job with a new employer in the past two years, you need to bring the address and contact name and phone number of your previous employer.
#3 STAY IN TOUCH…(but don’t pester)
The "best of the best" of loan officers give their customers’ updates and progress reports routinely … without being asked to. With the delays and the worries over paperwork, borrowers get antsy when they haven’t heard from their mortgage consultant in a while. They want to know what’s going on with their loan…and that’s understandable. However, to call every few days will not make things go faster.
Getting a timeline from the mortgage company might not get your loan closed before your next-door neighbor who applied on the same day, but it helps you understand the loan process. That can be the difference between a stressful and a "Stress – Free Refinance."
"At Assurance Mortgage, we’re not just making loans…we’re making a difference."
