Refinancing Your Home Loan - Quick Tips to Help Make the Process Easy

When you refinance a loan, you are essentially obtaining a new loan with conditions that are better suited for your financial situation, and then using this new loan to pay off an existing one that you may be having difficulty with. Many homeowners are looking towards refinancing as an opportunity to pay their home mortgages and not lose their homes. A few simple do's and don't can make the process simple and easy.

The Do's

If you can get a loan without any discount points or origination fee, then you should consider opting for an interest rate that is slightly higher. Many people don't realize that this can save them several thousands of dollars when it comes to closing costs while increasing your monthly mortgage by only a few dollars every month. Explore the option by asking the lender to show you a written comparison, and then decide if it could benefit you.

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Before you start on refinancing, make sure your paper trail is organized and ready. Usually lenders ask for bank statements from the last three months, the money market, pay stubs from the last month, investment account reports and such. Keep these documents safe and at hand. It can save you lots of valuable time and make the process that much quicker.

Get the most current information you can find on any existing loans such as the first and second mortgage and the equity lines. Some banks offer you with 'smart loans' for boats, cars, or other uses you put your home towards. These will definitely affect your new loan.

Obtain a copy of your most recent credit reports and search through them for any errors. If you find any, get them corrected before applying for refinancing. You can also let the lender know that there are such errors so that they can help you.

Ask as many questions as you have. You need to understand all aspects of the refinancing that you are getting, such as the down payment, the interest rate, the closing table amount, along with any special provisions that are connected to the loan.

The Don'ts

Try not to make any new purchases that will require money for a few months such as a car before you apply for refinancing. This might lower your credit score and thereby increase your monthly loan payments.

If you're buying a new house, hold back from making some purchases until after the refinancing. Don't buy things like new windows or kitchen appliances because the loan underwriters sometimes have last minute checks on credit reports to ensure that the debt burden that was reported when the loan was approved is still the same, and new purchases can throw the numbers off. Once the refinancing is closed, you can make these purchases. 

Avoid missing payments and delaying existing debt payments. Underwriters take careful note of how you are handling your current debt obligations. If you are responsible and prompt, they will think of you as more likely to be the same way with the new home loan.

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