Step By Step Guide to Refinance Your Mortgage

Are you ready to replace your old mortgage with a new one? Here is a step by step guide that will help you to refinance your mortgage: 

• Establish Goals: First and foremost, you must be clear about why you need a refinance. Is it because you want to shorten your loan term or are you visiting a mortgage refinance company because you want to lower your mortgage payments? Or both? Whatever the reason is, you must ensure that it gets fulfilled by refinancing. 

• Check Your Current Credit Score: The better your credit score, the better mortgage refinance interest rates you’ll be able to secure. 

• Check Your Home’s Current Market Value: Find out your home’s current value by researching your neighborhood and the cost of similar homes which have been sold recently. 

• Compare Mortgage Rates: Compare lenders and shop for the best interest rate. After all, you won’t want to pay more than you have to. 

• Find Out All The Refinance Costs: Refinancing your mortgage has various costs associated with it. Application fees, appraisal costs, origination fees, title insurance etc. are just some of the costs that you’ll incur on refinance. So, get a clear estimate of your closing costs and ensure that you are still saving money before going in for the refinance. 

• Arrange Documents: Gather all your papers like bank statements, salary slips and anything that the lender might ask for. 

• Lock Your Mortgage Refinance Rates: Locking your interest rate at the right time is more art than science. So, tread carefully. 

• Arrange Cash: Have cash on hand for property taxes, insurance and closing costs as some of them would require an upfront payment. 

If you are looking for a refinance, All Western Mortgage is a name you can trust to offer you best interest rates and most flexible terms. Call us on 702-850-2790 or click here to know more.