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Refinancing Tutorial
1 – Understand the process
One of the key differences between the mortgage refinancing process and the initial home buying 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 Home-Buying 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 ˝% 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 a Home Mortgage Consultant 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 a credit report directly from Equifax.com. When you order a report from Equifax.com, you are leaving our 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.
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2 – Choose the best mortgage
Check out our online loan descriptions to help understand the wide variety of options available.
Contact us and we can work together to determine the best
mortgage solution to fit your financial needs.
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3 – Apply with us
Review our Mortgage Checklist, gather your documentation and you're ready to go.
Call us to start the application process today. As your home mortgage consultant, we can complete the application with you right on the phone.
Rate Lock
In today's environment, when many customers are refinancing or considering refinancing, we’re locking customers' interest rate for a period of 60-days at application. We believe this gives us the ability to service customers as efficiently as possible. We value your business and will work hard to close your loan as quickly as this time of heavy volume will allow.
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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.
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All First Mortgage products are offered and provided by Real Living
Mortgage, LLC. Credit subject to approval. Real Living Mortgage, LLC may not be
available in your area. Information is accurate as of the date of printing and
is subject to change without notice. All Rights Reserved. Equal Housing Lender.
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Copyright © 2009. Real Living, LLC All rights reserved.
Modified: 12/31/2008 5:42:39 PM
The information provided herein is supplied by several sources and is subject to change without notice. Real Living, LLC does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. |
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