How To Refinance Your Home
Becoming a homeowner is one of those goals that so many people strive to reach that it's hard to imagine what comes next. But for many, just getting your home may not be the end. Refinancing is something that is also worth considering, and something that could lower your interest rates and monthly payments.
Figuring out that it's time to refinance is only the first step
From there you'll need to go through the entire process. It involves more steps than you might realize, and it's important that you spend as much time and attention on refinancing as you did on buying your home. After all, it's going to have an impact on your finances, your home, and your future.
At Deb Klein Team we know it's not always easy to know what to do
That's why we've put together a quick breakdown of what to expect. Here's a look at the basic steps you'll need in order to refinance.
Figure Out Your Goals
There are plenty of reasons to refinance. Figure out which ones apply to you and what you want to achieve. This way you can find the right loan to reach those goals.
Know Your Score
Do you know your credit score? You should. This way you can know what kind of interest rates and loan programs you'll qualify for.
Know Your Value
You're refinancing will be largely based on your home's value. Check to make sure you know what your home value is. Look at recent sales of homes in your area and then use online calculators to determine your value.
Now begin comparing the different rates for refinance loans that are out there. Check out rates and shop around, and even submit pre-approval applications. You should do this within a two-week window of time, otherwise, you could negatively impact your credit score.
Review the Costs
Each lender will have different fees and costs. Get a clear estimate of all fees and then look at each option. Even if it says it's a no-cost refinance, there are fees there. Be sure to read the fine print and see what you're really paying.
Get Your Info
Gather all of your statements, pay stubs, and other paperwork that your lender is going to require. Having it ready to go means you can move the process forward quickly.
Lock in Your Rate
When you find a great rate that will help you out, be sure to lock it in. This helps keep your rate exactly where you wanted it.
Finalize It Up
You'll need cash on hand to pay certain fees in some instances so be sure that you have some upfront cash ready to go to finalize.
Refinancing can help you dramatically
And there are even government-backed programs out there that can get you better rates and help you qualify more easily. Whatever you're looking to achieve, Deb Klein Team can help. Contact us today to make sure you get your refinance completed in a way that gives you the best results.