Refinance Tutorial
1 - Understanding the process
One of the key differences between the mortgage
refinancing process and the initial homebuying process is your experience.
Since you've been through the mortgage process at least once, you
know how to get organized and what to expect. (And you can always
review the initial homebuying process
should you need to refresh your memory!).
Did you know?
It's usually not worth refinancing your current mortgage unless
your new interest rate is ½% to 5/8%
lower than your current interest rate. If, however, you want to
minimize your closing costs as much as possible the current rate
should be at least 1% lower. Please check back often to see if rates
are favorable for your refinance! Because individual situations
may vary, please contact me to discuss if refinancing is right for
you.
At this time, it's a good idea to:
- Check your credit report for accuracy. You
may order
your credit report directly from equifax.com. When you order
a report from equifax.com, you are leaving this Web site. If you
do decide to do this, don't forget that we will still need to
obtain our own credit report when you apply for a mortgage.
- Reacquaint yourself with the process.
Step: 1 - 2
- 3 - 4
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4 - Close on your mortgage
The closing is the process through which your
mortgage is funded. As part of the closing process, you'll meet
with the closing agent, sign your loan documents, and the funds
become available.
The Closing Process
As soon as you receive your Mortgage Commitment Letter
(the written approval after appraisal requirements have been met
detailing mortgage terms and fees, tax and insurance information
and closing requirements) from us, you are ready to close.
Step: 1
- 2 - 3 - 4
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