Grab those low rates while you can!

Is This the Right Time to Refi? 8 Tips to Smooth the Way

Successful Refinance Refi tips
Trulia

Ready to consider refinancing your mortgage? It can seem like an overwhelming prospect. So we broke it down into the key tasks you’ll need to take care of. Here are eight checkpoints that can help make sure you’re on track, each step of the way. But it’s important to remember that every situation is unique: Consider consulting a real estate or financial professional to evaluate your specific scenario.

1. Identify Your objectives.

Are you trying to save money by reducing monthly payments, or do you want to take out equity from your home? Interested in switching from an adjustable-rate mortgage to a fixed-rate mortgage? (Or vice versa?) When you shop around with lenders, they’re going to want you to be able to answer these questions. Make sure you can clearly articulate why you’re looking to refinance.

2. Refresh old paperwork.

Remember all that paperwork you needed to obtain your first mortgage? Yep, you’ll need to dig it up and update each piece. (Remember, it’s important to be truthful.) Get a copy of your most recent credit report and make sure that you understand your score and take steps to correct any errors. (And remember, now is not the time to apply for a new card. Every time you open a new account, your credit score is affected — and lenders can (and will) check your credit again, sometimes days before closing on the refi.

3. Crunch the numbers.

Not a math genius? No problem. You can use online tools such as Trulia’s refinancing calculator to figure out what makes sense for you. Don’t forget to consider closing costs when you evaluate totals: Even “no-cost” refinancing options can have associated fees.

Read more…

Author: kimhuntkw

We specialize in Real Estate in the Pleasanton, Dublin and Livermore areas of the East Bay in California

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s