Tis the season. Refinacing is in full swing once again. With the current rate climate elevating the rush to save thousands of dollars in monthly mortgage payments, anyone with a rate above 5% should consider the option. When contacting your lender be prepared to offer up a bit information. Items necessary will include:
Your current loan(s) balance
Your annual costs for Taxes and Insurance
The last date your property was financed
The type of loan you have, FHA, VA, Conventional, Home Equity, etc
Do you escrow for taxes and Insurance
Your estimated property value in the current market
Will you pay your closing costs out of pocket or prefer to roll them into the loan
What term are you considering, 30,25,20,15,10?
What is your goal? Lower Payments or faster payoff or a combination of both?
Be prepared and be proactive. The results will be worth it.
Alan
HomeLoanApproval.com After many years of counseling my clients about Mortgage Loans, I've learned what really matters. How do we get from application to full loan approval? What affects the outcome and what can be done upfront to insure a smooth closing? i will answer those very common quetions and More. Your feedback is very important so please join my blog. Happy Closing! Alan
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