Steps of Mortgage Refinancing

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Although we read plenty on the internet, and see commercials all over the television, refinancing a mortgage is not an everyday occurrence for most people. While companies are quick to say that they approve or decline every applicant within ten minutes, or they approve all types of credit records, the reality is that everyone should take some time before applying to ensure their affairs are in order, and so that there are no surprises. Small issues or problems can be fixed beforehand, but after the fact is rather time consuming or even impossible. Moreover, following a list of steps of mortgage refinancing will put you closer to acceptance than working at the project willy-nilly and uninformed.

To start off your checklist, ensure that all basic factors are covered. These would include:

Active insurance policy on the house and property
Paid property taxes
Income taxes filed and paid to date
Blank checks to write required post-dated checks, or an active bank account for automatic withdrawal
Cash on hand for fees upon closing, if you are not permitted to mortgage brokers' fees, lawyers' costs, and other administrative fees
Run the numbers either in a spreadsheet or by hand on a piece of paper, listing all your monthly expenses, any other expenses which are due within the year, and your income to determine whether or not you can realistically afford the refinancing.
Make a list of how you plan to spend the money if you are requesting cash back. You may not have to show this to the lender, but you will have it ready in case, plus it will help you to spend the money wisely.
Determine whether the house has enough value to refinance. How much equity do you have available?
Ask yourself whether the present mortgage is up to date and has no arrears or issues that might be derogatory and detrimental toward your new refinancing
Compile all your documents. The lender may require you to show actual copies of your income taxes, photo identification, proof of current income by showing paycheck stubs, current credit card statements with balances, existing mortgage agreement, and in the case of multiple mortgages on a house, all mortgage contracts will be required.

Finally, one of the most important steps of mortgage refinancing is obtaining a credit report. Unless you regularly check and are aware of the particulars, many people are shocked by what they find. Errors happen, late payments that seemed ordinary now become a problem, omissions which could have helped the person's situation, and any other "problems" with the report can be a detriment to refinancing. This is why it is crucial to start early when deciding to refinance. In addition, you want to know what issues you are facing for two reasons. One, if you know in advance, you can most likely fix the problem. And, two, you want to know without someone else telling you on the spot when things are tight.

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