Local Area Markets

What does it mean to refinance? It means to provide new financing by getting rid of a high mortgage with the proceeds of a new mortgage obtained with a lower interest rate. This is always a good thing to look into after having around 10% of equity obtained in your house.

What are some good tips to refinancing a home? Here is a list of tips that I found while looking:

Look for free “lock-in” that last 60 days. While it typically takes 45 days to close delays can occur.

If your deal goes bad at closing, consider starting over! You have three days after the close to think it over. If you decide to decline the deal you need to notify the lender with in 3 days in writing.

Don’t assume you will not qualify because you do not have enough equity in your home. Lenders usually look for equity of 10% but there are some exceptions.

Don’t assume because a lender has no application fee that they will be less expensive in the long run. Sometimes lenders with no application fee get heavy on the fees at closing. Always focus on the interest rates and points.

I hope these points help you when you are looking to refinance!