You may be considering taking advantage of these historic low interest rates by refinancing your mortgage to lower your monthly payment, consolidate debt, save years of payments, or pull cash out for a cushion.
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 help your transaction move ahead more smoothly and help you save money more quickly:
- Continue making regular mortgage payments during the process
- Do not take on any new debts
- If your income or employment changes during the process, notify your lender right away
- Know that the appraiser may have to come into your home, so be prepared for this
- And most importantly, quickly respond with all documentation that is being requested of you
To see how much a refinance can benefit you, contact me. I’m Christopher Graves and that’s this week’s Mortgage Minute.