The SCOOP! Blog by® 'Stress-Free Mortgages'

Planning to Refinance

September 22nd, 2018 8:52 AM by Jackie A. Graves

Understanding Who Will Be Involved

For any type of refinance your primary contact will be your lender, although other professionals – such as real estate appraisers and mortgage underwriters – will play important roles.  Learn more about who’ll be involved in your transaction and why. 

Gathering Your Personal Documents

When you meet with your lender to apply for a refinance, you’ll need to provide quite a lot of personal information, just as you did for your home purchase.  These documents, including your W-2s, bank statements, and tax returns, will allow your lender to determine your eligibility.

Understanding the Documents Involved

When you purchased your home, you reviewed and signed many documents prior to and at closing.  When you refinance your mortgage, you’ll be required to do the same as this is a new loan with new rates and terms.  Take some time to review these documents again and refresh your knowledge.

Determining the Costs

Refinancing your mortgage can save you hundreds of dollars per month, but before you dive in, it’s important that you’re aware of all associated costs.  You’ll want to work closely with your lender to do a cost-benefit analysis and determine whether refinancing makes financial sense for you.  

Source: To view the original article click here

Posted by Jackie A. Graves on September 22nd, 2018 8:52 AM


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