Как рефинансировать ипотеку, шаг за шагом

A home loan Рефинансирование could be your ticket to a smaller monthly payment, the cash that you need to renovate your home, or the means to meet other financial goals. 

Don’t worry. The process is not as intimidating as it looks.

Here is your step-by-step guide to refinancing your home loan.

Step 1: Understand What You’re Trying to Accomplish

Different refinancing loans offer different options, so it’s important to know what you’re trying to accomplish. Common goals include:

• Lowering your monthly payment
• Consolidating debt
• Obtain cash to renovate your home
• Obtain cash for the downpayment on a bigger home or investment property
• Pay off your mortgage faster
• Convert an ARM into a fixed rate mortgage

It’s sometimes possible to achieve more than one of these goals, but not always. You should know what the most important goal is before you start exploring your options.

Step 2: Know Your Credit history

Paying on your mortgage on time every month tends to increase your credit score. If you’ve also kept up with your other bills, chances are you’ve managed to raise your score. If that’s the case, you may be eligible for far lower interest rates and far better terms than your original mortgage offered to you.

Don’t go in blind. You should know what your credit score looks like. If it’s dipped a little lower than the score you went into your mortgage with, you’ll want to take the time to raise it before you start considering your refinancing options.

См. также: Хороший кредитный рейтинг: ваш билет к лучшим финансовым возможностям

Step 3: Research Your Home Value

You might want to hire an appraiser to see where your current home value stands. The lender will require you to take this step at some point anyway. Hiring an appraiser lets you know what your true equity is. 

This is information you’ll need if your goal is to get cash out of the refinance, or if you wish to pursue a rate-and-term refinance that might lower your monthly payments. 

You can find your estimated value at Ипотечная группа Дос’s portal.

Step 4: Explore Your Options

There are seven types of refinancing loans. You can review them здесь. Consider which type of loan will best accomplish your most important goals. 

Step 5: Consider Costs

Every mortgage comes with closing costs and fees, even refinancing mortgages. Are the savings going to be worth the cost of the refinance? Make sure the math makes sense before you take the leap. Your lender can help you understand what you stand to gain and lose with any given option. 

См. также: Полное руководство по закрывающим расходам для покупателей жилья

Step 6: Speak to Your Lender and Apply

A good lender will help you understand your options and will help you obtain excellent terms and a great rate. A good lender will also answer all of your questions and help you understand whether a refinance makes good financial sense at this time.

Write down your questions in advance so you don’t miss anything as you complete your conversation. Once you’re content that you’re making the right decision, it’s time to apply. Expect to follow many of the same steps you followed while pursuing your original mortgage, such as providing paystubs and bank statements. 

Step 7: Close On Your New Loan

Three business days before you close you’ll receive a closing disclosure. Read it closely to ensure that the new amount, term, interest rate, and type are exactly what you applied for. Compare the document to your loan estimate and touch base with your lender if there are any questions.

If everything looks good you’ll attend your closing meeting. There, you’ll sign the new loan documents. A few days later, your new lender will pay off your old lender. You should receive a notice of the payoff in the mail a few weeks after closing. Your paid off old loan and your existing new loan should show up on your credit report within a few weeks. 

Explore Refinancing Options Today

Ready to find out whether refinancing is right for you? Have additional questions about the refinancing process?

Schedule a call with Alex Doce to get all your questions answered! Alex is committed to helping you meet your financial goals and has the expertise to ensure you make the right choice. Contact him today!