Mortgage Refinancing Procedure: Refinancing Process—A
A General Overview of Home Mortgage
Regardless of your
reason for refinancing, the process is going to be about
the same. After you have done your research on the different
kinds of loans and are armed with latest data on interest
rates and costs, it’s time to call around.
Contact Your Current Lender When Seeking
Home Mortgage Refinancing
The first thing you should do is call
your current lender. As long as all your paperwork is
current, they should not have to charge you the fees
you would pay to a new lender to collect information.
If they are willing to drop and reduce fees, give them
a competitive chance, although you should also talk
to other lenders.
Consider All Costs and Fees Associated
with Home Mortgage Refinancing
Next, get a list of costs and fees
up front from all lenders you’re considering. If they
won’t give it to you, look elsewhere—they may use your
lack of knowledge of their fees against you in the closing,
and slip in things they conveniently “forgot” earlier.
Get a commitment in writing of all points and fees.
The Paperwork Associated with Home
When you have chosen your lender, you
will have some paperwork to fill out. Although this
varies by state, generally you will have an application,
and your loan representative will assemble offers for
you of various loan packages.
Double Check Home Mortgage Refinancing
Application and Related Materials
At this point, you may want to present
these packages to some trusted professionals, like your
tax specialist or a lawyer. Have them look for errors
or future problem areas, and know how the refinancing
will affect your tax deductions.