Got Questions On Refinancing?
If you are thinking about the possibility of obtaining a home mortgage refinance loan, you may have some questions ... including some very basic questions such as "what is refinancing?" You will be provided with valuable information about home mortgage refinancing here.

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Refinancing Basics
What To Consider
Refinancing Options
Refinancing Strategies
Refinancing Procedure
Miscellaneous Tips
Loan Shopping





Refinancing Procedure: Prepare Updated Documents

Home Mortgage Refinancing Procedure -- Keeping Up with the Paperwork

If you have decided to refinance, you are probably anticipating the mountain of paperwork you will have to collect for the financial representatives to look over. You can streamline your application and approval process by assembling what the mortgage company will need before the date they need it. So when you talk to them, make sure you know ahead of time what they will require. Then, take the initiative and go get it done.

Home Mortgage Refinancing: Standard Requirements

While lenders sometimes require different documents, some requirements are always the same. For instance, you will need proof of income. Retrieve your old tax returns as far back as the company will need them. Get pay stubs and any necessary bank statements. If you have a bankruptcy in your background get paperwork the lender may require for that as well.

Home Mortgage Refinancing: Getting an Appraisal of Your Home

Unless you use your current lending company for your home mortgage refinancing, you will have an appraisal. Even if you do use your original lenders, they may require an updated appraisal anyway. This can often take some time to get scheduled, so get it handled early on. Also get credit card statements if necessary, and any other information they may need to determine your income to debt ratio.

Home Mortgage Refinancing: The Payoff Letter

Another thing you will need if you change lenders is the payoff letter. This letter tells the new lender how much money is required to fulfill the old mortgage. This can start a chain of activity on your phone, however—they may try to call you and offer you incentives to stay with them. If you have made your decision to change lenders, simply refuse and move on—if you accept their offer you may lose some fees you have paid to your prospective lender, and will also lose more time. Any paperwork you have submitted will likely have to be gotten again.

Home Mortgage Refinancing and Advanced Planning

Remember that sometimes a company can take a few days to get your paperwork sent to you. They may have to check old files, look through current ones, or assemble data from other sources. Rushing around at the last minute can invite errors and delays you don’t need when your closing is right around the corner.

Home Mortgage Refinancing: Make Lists

Make sure you have a list of all the details you will need other than these items and start on it right away. Glitches happen, and often they can cause significant delays, or even failure to obtain the loan, if they are too severe. If you get on it early, you can lock in a better rate and have a better chance of success.

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