How do you refinance a house? How long does it take to refinance a mortgage? In this video, I discuss how to refinance your mortgage and why it’s important to get all of the paperwork over to your mortgage broker now while we wait for interest rates to come back down.
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How to refinance a mortgage?
Refinancing your mortgage is a lot like the process you went through to initially acquire your mortgage loan. It required you speaking to a mortgage professional and doing a loan application along with the lender running your credit to see if you qualify for a loan. In addition, you had to provide tax returns, w-2’s, bank statements, etc….. In order to refinance, you are going to go through a similar process and provide the exact same documentation.
How long does it take to refinance a mortgage?
Typically the process of refinancing is around 30 days but with lenders being busier than normal due to unusually low interest rates, the turn times have slowed down taking the process out a bit longer to around 45 days in some cases.
Where to refinance mortgage?
If you were happy with the process when you originally got your mortgage then that person is a good place to start. If you don’t remember that person or aren’t sure where to start then please reach out to me and I’d be happy to refer you to someone who you can trust and will do a good job and help guide you through the process.
It doesn’t hurt to speak to multiple people when considering this process to not only make sure you are getting the best deal but to also make sure you are working with someone that you get a good feeling from as well.
When should you refinance?
You should consider the process of refinancing when the interest rates are lower than the interest rate that you currently have on your mortgage. In most cases, you will need around .375% to .5% difference in interest rate for it to make sense depending on your loan amount, of course. At the end of the day, it doesn’t cost you anything to have that conversation with a mortgage professional to see if the difference in payment actually makes sense for you. You also have to consider how much it’s costing you to go through the refinancing process and how long it will take you to pay off that cost with the monthly savings you would be getting with the new loan. In some cases, the lender will not charge any fees and not roll anything on to your balance in which case the savings could be instantaneous. I
Are you considering refinancing and not sure where to start? After watching this, are you still wondering, how do I refinance? Please comment below or contact me directly and I’d be happy to guide you through the process.
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