Fill out a mortgage refinance application and review the different options available to homeowners
Take the time and fill out a mortgage refinance application and a licensed mortgage lender will return information on the best refinancing options available. A licensed lender will be able to qualify and offer a homeowner the opportunity to review and accept one of the many mortgage refinancing solutions available at that time. It is important to fill out a mortgage refinance application with the correct information because without this there is no way that a lender will be able to give an accurate rate or approve the loan.
One of the many things to be careful about when going through the loan refinance process are lenders or mortgage brokers that offer a refinance rate without taking the information needed to complete a mortgage application. We have heard it time and time again, where a different mortgage company has tried the ole bait and switch technique on one of our new customers. There have been many times where a mortgage company trying to gain the business of a new customer has given information for a certain type of loan and or interest rate and the lender did not have any information on the homeowner. It is impossible for a mortgage lender to know if they can complete a loan modification or any other mortgage product without the proper information. Without taking a mortgage refinance application a lender has no clue what the income, assets and credit score is of the potential borrower. All of these factors and more will play into the type of loan that can be approved and the rate and terms of the mortgage. So be cautious of a mortgage representative that is able to offer rates over the phone or internet without getting a completed mortgage refinance application.
There are tons of people right now that are trying to save money on their homes. With mortgage rates at an all time low, a mortgage refinance solution can be a really good way to save money on home mortgage payments. There are also mortgage options that allow a homeowner to get money out of the equity in their home with a cash out mortgage refinance. The only problem with refinancing right now is that all of the banks have tightened up their guidelines for lending and this has made it harder for many people to refinance.
Also, because of the housing market many people are upside down on there homes and have had declining credit scores. These factors have also made it extremely hard for many homeowners to complete a mortgage refinance. Homeowners that do not have a 620 or higher credit score are not eligible for any mortgage refinance options. Also if a homeowner does not have enough equity in their home they will not be able to refinance their mortgage. This is because lenders want to secure their investment with the equity in the home.