Refinance calculator one step to easy-closing refinance mortgage

October 12th, 2010

You do your research, use the refinance calculator and conclude that you can save a lot of money with a refinance mortgage. You now want to proceed with refinancing your mortgage. But are you ready to proceed? Are you prepared to lock-in and close a historically low mortgage rate?

Before initiating your refinance application process, it’s important to get organized so when you turn in your application you have all the supporting documents your lender will need to process and ultimately fund your refinance. There are more obstacles for even the best mortgage originators these days. The more information you can provide up front the easier it will be for him or her to process your loan quickly and ensure you get the mortgage rate that you have locked in.

Basic information

Not being prepared can cost you the savings you have calculated using free on-line mortgage calculators as your loan application sits on a desk waiting for needed documentation. Put together the following information and have paper or electronic copies you can send to your lender with your loan application package:

This will give your mortgage professional the ability to move forward with your application and most likely lock in your historically low mortgage rate.

Additional documentation

Depending on your specific financial situation you may need to have more information available. If you are self-employed or if you own additional property, a company or live in a condominium be prepared to provide in addition to the above:

Current mortgage rates will not last forever. By being properly prepared when you first contact your mortgage lender you will increase the chances for a very smooth mortgage refinance and guaranteeing your low mortgage rate. A refinance calculator works great to show you how much you can reduce your monthly mortgage payment with a mortgage refinance. If you do not have the needed documentation for a complete mortgage application you could be putting those savings at risk should mortgage rates rise.

Posted By :
Dennis C. Smith is co-owner and broker of record for Stratis Financial in southern California. He has over twenty years' experience in the mortgage industry.

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