When ever you are going to refinance and adjustable rate mortgage, or any mortgage for that matter you want to be sure that you get the best deal. By applying a few simple home refinance tips you can make sure you get the best deal and have a fast smooth loan process.
Home Refinance Tips
Start With Your Current Lender– Before you call locally call your current lender and ask them if they are able to refinance an adjustable rate mortgage. Many times if the lender offers in house refinancing they will give yo u a great deal on both rate and closing costs just to keep you as a customer. Additionally you can use there quote to compare to any local companies.
Shop Around Locally-Find three reputable mortgage companies in your area and ask them for a quote for your home loan. The quote should include a Good Faith Estimate that explains their fees and closing costs as well as an interest rate quote.
Do Not Have Numerous Credit Pulls– While shopping around for the best deal have your quote to refinance an adjustable rate mortgage based on excellent credit. Do not let all the mortgage companies pull your credit to check your score, doing so may start to have a negative impact on your credit score.
Be a Good Borrower– Part of the process of refinancing a mortgage is the responsibility of the person borrowing the money. Make sure you make yourself available to your lender, return their phone calls promptly and be co operative. Being a good client will ensure that your loan goes as fast as possible and closes quickly.
Start Early-This is one of the best home refinance tips to apply. If you know you have to refinance an adjustable rate mortgage start the process about three months before you rate resets. This will give you enough time to deal with any problems that can pop.