Refinance calculator one step to easy-closing refinance mortgage
Posted on July 17th, 2011
You do your research, use the refinance calculator and conclude that you can save a lot of money with a refinance mortgage. You now want to proceed with refinancing your mortgage. But are you ready to proceed? Are you prepared to lock-in and close a historically low mortgage rate?
Before initiating your refinance application process, it’s important to get organized so when you turn in your application you have all the supporting documents your lender will need to process and ultimately fund your refinance. There are more obstacles for even the best mortgage originators these days. The more information you can provide up front the easier it will be for him or her to process your loan quickly and ensure you get the mortgage rate that you have locked in.
Basic information
Not being prepared can cost you the savings you have calculated using free on-line mortgage calculators as your loan application sits on a desk waiting for needed documentation. Put together the following information and have paper or electronic copies you can send to your lender with your loan application package:
This will give your mortgage professional the ability to move forward with your application and most likely lock in your historically low mortgage rate.
Additional documentation
Depending on your specific financial situation you may need to have more information available. If you are self-employed or if you own additional property, a company or live in a condominium be prepared to provide in addition to the above:
Current mortgage rates will not last forever. By being properly prepared when you first contact your mortgage lender you will increase the chances for a very smooth mortgage refinance and guaranteeing your low mortgage rate. A refinance calculator works great to show you how much you can reduce your monthly mortgage payment with a mortgage refinance. If you do not have the needed documentation for a complete mortgage application you could be putting those savings at risk should mortgage rates rise.
Similar Posts:
- Three C’s to protect yourself in an up rate market
- Mortgage rates: when to lock
- FHA Short Refinance Has New Guidelines
- Mortgage calculator step 1 of 3 for successful transaction
- Thread a donut, not a needle
Tags: Mortgage, Refinance Calculator, Refinance Mortgage
Filed under Mortgage Analysis |