Tips to make the home loan refinancing process go faster and avoid delays.
If you are considering to refinance, taking quick steps to accomplish it may be important if you want to take advantage of the current financial situation. Here are a few ways if by which you can speed up your refinancing process.
Fill out the loan application properly
Fill out all the items in the application. Incomplete applications usually get neglected or delayed by the mortgage lender. If you do not know how to answer a particular question you can take the assistance of the loan officer rather than leaving a blank. Cross out any items that do not apply to you so that the lender knows that you have not overlooked or forgotten to fill them.
Attach all copies of required documentation.
Always include a copy of your latest pay stubs or give a copy of your two most recent tax returns in case you are self-employed. You should also always keep a complete copy of the entire application in case the original gets misplaced.
Make things easier for the appraiser.
In order to make the appraisals go faster you can get the complete floor plan of your house in case you have it. Provide copies of invoices for any improvements that you made the property since you bought it. This will help the appraiser reach a more accurate value of your home more easily and quickly. Since appraisal is just as important part of refinancing a mortgage as it is of purchasing one, this can help speed up the refinancing process.
Do not go chasing after multiple vendors
Putting into multiple refinance applications with multiple lenders can be a waste of time and money. Instead, use our earlier sections to how to narrow down your list of potential lenders and mortgage loan and target your effort in a focused manner. Decide on which mortgage lender you want to work with and pursue him to complete your refinancing process as quickly as possible. Also, if you happen to apply for a refinance during a busy time, waiting for results to come up with different mortgage lenders can take a long time.
Do not wait longer than necessary
Do not wait if you are ready to refinance now and you are already getting a good interest rate. Many people tend to get greedy and wait for the interest rate to go down a further notch or two. Interest rate can move in both directions. If you are already getting a good interest rate, waiting anymore could be a costly mistake.