Many borrowers are eager to take advantage of the fallen interest rates to apply for mortgage refinance. But as this happens, it is imperative for every borrower to stay at the top of their games so that they ensure that they get the best out of the refinance stampede. Presented here are a few tips to consider before you append your signature and submit the mortgage refinance papers.
Adequate and early preparation will ensure that you spend the least time and increase your chance of having a successful application. During the preparation part, you need to gather as much information as possible about the refinance options you have and be sure to have all the necessary documentations in place. You will need at least copies of paystubs, W2s, tax returns, bank statements etc.
The moment you have locked a suitable rate and you have all the necessary documentation in place, don’t waste single minute in taking them to the lender. The process of mortgage underwriting is usually done on a first come first serve basis hence you application needs to be at the top of the pile. In this manner, you will get your papers apprised in the shortest possible therefore you won’t have to wait any longer.
Once you submit your documents, you need not to close the communication channels with your lenders. There are times when the underwriters may be in need of crucial information and they should be able to reach you at these times. Again, as a borrower, you need to get adequately involved in the process to ensure that things are moving on smoothly and your refinance mortgage in on schedule. It is suggested that you should check with your lender at least twice a week on the state and progress of your application.
This should actually be part of effective communication in the sense that as a borrower, you need to inquire from the lender when you should expect to close on the refinance as well as locking on the rates. In most cases, you will lock on the home mortgage rates within the first 30 days and in case you are unable to close the loan before the rate expires, then you can either pay a fee to have the period extended or simply have to work with a new rate. But with the current turbulence in the financial sector, most of the refi will close in 40 days and this makes it important that you talk to your lender and be aware of all these information.
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We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.