Refinance Home-Tips you Should Know
Refinancing your home is a great way to cash out money you can use for other purposes, such as a large purchase or obtain a lower interest rate to lower your monthly mortgage payment. You can get a better deal when you refinance your home by following the tips below.
Refinance your Home Faster
If you’re interested in refinancing your home to cash out part of your equity, you probably want to get it taken care of as quickly as possible. To refinance a home the paperwork could take between two and four weeks. You can reduce that time by ensuring you have your paperwork, including financial documents and mortgage papers, gathered together. In other cases, obtaining a home appraisal can also slow down the process of refinancing your home. If you have had a home appraisal recently, be sure to mention this to your lender. They may be able to re-use it if it is recent enough; thereby shaving off some time.
Reducing your Closing Costs
It may be quite possible to reduce your closing costs by simply talking to your lender. For example, if your lender will agree to reuse your last home appraisal you could eliminate that fee entirely. Depending on the cost for appraisal fees in your local area, this could amount to several hundred dollars. Other fees you may be able to negotiate or even eliminate include:
- Credit report
- Title insurance
Ask for a No Fee Lock-In Rate
When you start shopping around for refinance lenders, be sure to ask each one for a no-fee lock-in rate. Locking in your rate can ensure you take advantage of low rates before they begin to rise. Many lenders now offer free lock-ins on a competitive basis.
Ready to take these tips and get started shopping around for lenders to refinance your home? MortgageLenders.org is ready to help you get started by connecting you with numerous refinance home lenders, ready to work with you to meet your particular needs.