6 Tips for Refinancing Your Home Date: 3/18/2016 12:00:00 AM Author: Doug Lewandowski Educational Opportunities: Articles Share: So, you've considered your unique situation and decided that refinancing may be a good financial decision for your household. But what options are out there? When considering refinancing your home, follow these six tips for a successful loan outcome. Identify Objectives: Identify your end goal for refinancing. Is it to reduce monthly payments? Take out equity? Switch from A R M or Fixed? Clearly articulate why you’re looking to refinance. Refresh old paperwork: Keep all paperwork in a safe place. You’ll need to dig it up and update each piece. You’ll also want to obtain a new credit report and understand your score, then take the proper steps to correct any errors. TIP: Now is not the time to be applying for new credit cards or opening new accounts. This affects your score and your Compeer Home Mortgage Specialist will need to run your score again. Use a Mortgage Calculator: Use tools like our refinancing calculator to figure out what makes sense for your personal budget. Remember to think about the closing costs. Even “no cost” refinancing options have fees. Submit Your Application: Be sure to come prepared with the required documentation for the application. Required documentation may include recent paystubs, bank statements, and possibly two or three years of tax returns. Get an Appraisal: Getting an appraisal will give you a better understanding to how much your home is worth. TIP: Save for the appraisal! You will need to pick up the bill. Stick with it: You’ve done your homework and compiled the right paperwork. Keep in touch with your lender and real estate agent. If they request extra documentation or have questions, respond quickly to help speed up the process. For more homebuying tips and guidance, subscribe to our e-Newsletter. Comments There are no comments. Leave comment Name: Email: Comments: Enter security code: Doug Lewandowski - Lending Officer NMLS #712132 Rural Living Solutions Articles Don’t Trust Your Rural Dream Home to a Person Behind a Screen Articles Is There Such a Thing as Too Much Cash in a Hog Operation? Videos Case for Refinancing Articles Is LGM Dairy Insurance the Right Tool for Your Business?