800-555-2098
Are you thinking about refinancing? Chances are if you have not refinanced in the last year, you could be missing out on some significant financial savings on your mortgage payments.
Interest rates are at record lows and there’s a good chance we won’t see them any lower in the future. Not only are the rates ridiculously low but the lenders are also giving borrowers a credit towards their closing costs, which means more than likely the borrower will need little to no money to bring to the closing!
The fees are not tacked onto the mortgage loan amount either, so in essence the lenders are actually paying the borrower to refinance with them. Of course there are certain criteria that each lender requires a borrower to meet. The best thing to do is contact a loan officer so that they can go over your information with you to determine what program best fits your situation and will benefit you the most.
Before talking with a loan officer, it’s a good idea to have some general information handy with you. If you are going to have your spouse on the loan, be sure to have their information as well. Some of the information you’ll need to provide to be prequalified are:
*Your current interest rate and mortgage payment
*Annual taxes and homeowners insurance premiums
*Monthly income (before taxes)
*Account balance (in case you need to bring money to the closing)
*Employment information
Once the loan officer is able to get you preapproved, they will put together an application for you (and your spouse) to sign. It will need to be returned along with other documents such as:
*Most current 2 paystub
*Previous 2 years W2’s
*Copy of your home owners insurance policy
*Copy of your mortgage statement
*Most current 2 months bank statements
*Copy of tax returns (if self-employed)
Once the loan officer receives your application and documents back, they will submit it to the lender. Since interest rates are so low right now, most lenders are backed up, so be prepared for the process time to be anywhere from 2-6 weeks, possibly longer. Your loan officer should be in contact with you periodically to give updates or let you know what else the underwriter is requesting. One key tip to remember while going through this process is to return any requested documents to the loan officer as quickly as possible. They are working on your behalf and will need your help to work efficiently for you.
Should I refinance my home?
If you have been wondering if a refinance would benefit you then you should call Riverbank Finance at 800-555-2098 now for a free quote or submit your information below. The worst that could happen is that they confirm you are already in the best possible situation and that you have no need to refinance which would be good news itself.