Mortgage refinance can be a great option for homeowners who want to shorten the term of their current home loan while simultaneously lowering their interest rate.
You may be thinking, “That sounds great! Sign me up!” But while refinancing your mortgage may be the perfect solution for you, it’s not going to be as easy as calling up your broker and saying you want to refinance.
There is still going to be paperwork involved, quite possibly more than the first time, depending on how long ago you purchased your home. Your financial information still needs to be reviewed and you still have to be approved for the new mortgage. There are also different mortgage rates for refinances.
As you can see, there is quite a bit involved with a mortgage refinance, but we are here to help! At First Commerce Financial, we are experts with years of experience working with clients who want to save money by refinancing their mortgage.
If you are ready to move forward with refinancing your mortgage, take a look at these pointers that should help you through the process.
The very first thing you should do is review your credit score. Your financial status may have changed since you originally purchased your home and you need to be aware of any issues you will need to resolve before you can be approved for your refinance. This should be done first so you have time to improve your score.
Next, you should start doing your research. Find out what your home is currently worth and start shopping around for the most competitive rates. The great thing about working with a team of mortgage brokers like us is that this research is all done for you! We will find out what your home is worth and find you the lowest rate possible for your situation.
Once you have locked in a rate for your mortgage, you will need to gather your financial documentation and the funds to cover any additional costs associated with closing on your new mortgage.
As we mentioned before, having a qualified mortgage broker at your side through the refinance process can mean the difference between a headache and relief!
If you are curious about how refinancing your mortgage could help you become more financially secure, give us a call today at (248) 949 – 1116. We can’t wait to save you money!