Buying a house is likely one of the most important decisions you have ever made. If you still love your home, but not your mortgage rate, you might want to consider refinancing now while interest rates are so low. Refinancing gives you the opportunity to exchange your current home loan with a new one that is a perfect fit for your ideals and budget.
If you’re wondering how to refinance your mortgage, simply use this mortgage refinancing checklist to remove all the guesswork and get started right away.
- Identify why you are refinancing. Is it to pay off your home faster? Lower your monthly payment? Fund a home improvement project? Recognize your goals so you can choose the right plan for you.
- Take a look at your current mortgage. Take account of your outstanding balance, the number of years remaining, and your current interest rate.
- Take a look at your credit report. Verify that there are no errors on any of the credit bureau reports. Raising your score may qualify you for a lower rate.
- Take into account the refinancing cost.
- Collect all of the documents you will need for this process: pay stubs, W-2s, tax returns, two months of bank statements, proof of homeowners and title insurance, and a statement of your assets and debts. Many leaders can now electronically pull your income and asset statements, so be sure to ask your mortgage broker what is needed.
- Have a conversation with Scott Bennett at 503-703-4699 or scott@altmo.com to talk about closing costs and fees so you can figure out if refinancing is a good move for you.
- Take a deep breath and relax.
Have questions? Feel free to reach out to Scott Bennett at 503-703-4699 or scott@altmo.com to talk about your current situation.
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