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Mortgage Refinance   

Mortgage Refinancing 

Bad Credit Mortgage Refinancing 

Top Reasons Why You Should Refinance 

Mortgage Refinancing Tips 

When Not to Refinance Mortgage 

Best Time To Refinance Mortgage 

Mortgage Refinance Rates 

Is Refinancing A Good Idea? 

Home Refinancing Get Low Cost 

Refinancing Mistakes To Avoid 

Mortgage Refinance FAQs

Are you looking to refinance your mortgage?  If so, you have probably heard about the current guidelines and red tape that are required in order to do so.  Instead of pulling your hair out in frustration when getting a mortgage refinance, here are a few mortgage refinancing tips to help your process go as smoothly as possible.

The first thing that you can do in order to help your mortgage refinance go off without a hitch is by collecting the required information that a lender will need in order to get you qualified.  Just because you have a current mortgage, doesn't necessarily mean that you will qualify for a refinance.  The lender will need the following information to qualify you for a refinance option: current income, income history for the last 12 years, 2 years worth of tax information, asset verification, employment verification, and a current appraisal.  By collecting some of this information up front, you can get the qualification process started and sped up by providing the things that the underwriter needs.

Second, the purpose of your refinance will also determine the loan difficulty.  For example, doing a refinance to get extra money out of your home can take a bit longer to complete than if you were just refinancing to lower your payment.  The reason for this is that to pull money out of your home, your house must appraise for a certain value, which can be difficult in today's economic housing market.  

Third, your credit score and history is another determining factor when it comes to a mortgage refinance.  Bad credit mortgage options do exist, but understanding your current credit situation will help you to know what to expect when it comes to extra documentation that will be needed.  Making sure that you haven't missed payments is very important, but if your current mortgage payment is the cause of you missing other payments, there are government loan modification options that are perfect for those seeking a bad credit mortgage option.  To get a good idea of what your credit report says, your local bank can print you off a credit report, or you can get one online for relatively cheap.

As you can see, whether you are looking for a bad credit mortgage, or a mortgage refinancing loan, these tips can help your process go smoothly, which can dramatically increase the success rate you will have with getting your mortgage refinance approved by the underwriters of the lender you have chosen.

 

  10 Steps to Home Ownership:

Step 1: Are You Ready?

Step 2: Hire a Realtor

Step 3: Get Loan Pre-approval

Step 4: Search for Homes

Step 5: Choose a Home

Step 6: Obtain a mortgage

Step 7: Make an Offer

Step 8: Insure Your Home

Step 9: Close the Deal

Step 10: Avoid Foreclosure

 

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