6 Tips for a Stress-Free Refinancing Process
May 21, 2021
Refinancing your home’s mortgage allows you to replace your current home loan with a new one. It is a great option to get into a more advantageous financial situation, especially if it has been a long time since you took out your original home loan. At Schlegel Livingston, LLC, refinancing is one of our specialties. Here are our 6 tips for a stress-free refinancing process:
Decide What Your Goal is
Knowing what you want out of the refinancing process will help inform all of the decisions you make throughout it. Do you want a lower interest rate? A lower monthly payment? A shorter term? The answer is probably all of the above, but pick which is most important to you.
Check Your Credit Score
Your credit score is integral to the options you will receive for refinancing. Start by learning your credit score – which is actually three different credit scores from the three different reporting companies. You can get one free report from all three every year, and several online services help you check them for free. If your score is too low, you might want to consider boosting it before applying.
Ask Around
Don’t settle for the first refinancing option you see! You should get quotes from three to five different lenders to see which is most advantageous. This is where your goal comes in handy: when one offers you a lower interest rate and one offers you a lower monthly payment, you know which is most important to you.
Respond Quickly
Here’s a little word to the wise: it pays off to be quick in responding to your lenders, even when you’re in the “shopping around” phase. Refinancing is not an overnight process. Being speedy on your end encourages the lender you are working with to prioritize your case as well. It is also a highly respected skill that makes you look even better when you are discussing options.
Prepare For an Appraisal
A home appraisal is a major part of the refinancing process, so make sure to prepare for it. Making the outside of your house look as good as possible will pay off more than you know. Be sure to be present for the appraisal so you can point out any unique features and strengths of your house. And remember to clean the place up!
Ask For Help!
At Schlegel Livingston, LLC, we have built relationships with local banks and mortgage brokers to assist our clients with their refinancing needs, especially those who have had difficulties obtaining a loan in the past. We also help review all the loan documents carefully to make sure there are no hidden charges or requirements. For a successful and stress-free refinancing, contact Schlegel Livingston, LLC today! We help you through life’s most important moments.