Making the decision to refinance your home loan can be exhausting. In fact, preparing to refinance is basically preparing to buy a home all over again!
So, why do people go through the process?
Well, refinancing can lower your monthly payments, reduce your interest rate, and if you have enough equity in your home, allow you to obtain cash from your equity. If you decide to refinance, you’ll need to have a plan of action.
This step by step list will make the process less exhausting...
Determine your goal
It is important to determine whether you would like to refinance to lower your monthly payments, reduce your interest rate, or obtain cash from your equity.
Learn your current credit score
The better your score, the better mortgage rates you’ll be offered. If you need help with a low credit score, we discuss the topic here.
Research your home’s current value
Recent sales of homes in your neighborhood will allow for you to determine the value of your home.
Shop for your best mortgage rate
This is where Home Loan IQ comes into play. We analyze your real data to match you with the absolute best loan. You will find the best deal available with Home Loan IQ because we sift through thousands of lenders, ensuring we will uncover the loan just right for you.
You’ll need to gather necessary paperwork for the refinancing process, some of these items include:
tax returns and W2’s
statement of outstanding debt
statement of assets
Have cash on hand
There will be expenses associated with refinancing. You’ll need to have cash on hand to cover the property taxes, insurance, and other closing costs.
Ultimately, refinancing can have many positive effects for your home loan. Give Home Loan IQ a chance to find the lender with the lowest rate today! It takes mere minutes to pair your real data with thousands of lenders across the country!