Smart Refinance Tips During the Pandemic

You may be considering taking advantage of the current historically low interest rates by refinancing your mortgage to lower your monthly payment, consolidate debt, or move to a 15-year term. The Mortgage Industry is doing an excellent job of processing transactions under shelter in place.  But it’s more important than ever to help the process along by being well prepared.

Here are a few tips to set you up for a smooth transaction and help you save money more quickly:

1.Continue making regular mortgage payments during the process

2. Do not take on any new debts.

• -Taking on new debt will alter your debt to income ratio, which plays a major role I your pre-approval. Resist the urge to open a new credit card or upgrade your car,  until your loan transaction is finalized.

3. If your income or employment does change during the process, notify your lender right away.

• -Changes happen, but you want to be sure to notify your lender so they can make the appropriate updates to your loan

4. Know that the appraiser may have to come into your home, so be prepared for this

5. Lastly and most importantly, quickly respond with all documentation that is being requested of you!

• the faster we receive your documents the faster we can get your loan processed. If you documents are requested by our team please respond as quickly as possible.

By following these tips you will set yourself up for a quick and easy refinance.

Not sure how a refinance could benefit you? Reach out today to see how much you could be saving!