3 tips to refinance a mortgage loan.
Many homeowners are struggling to decide if the time is right to refinance their mortgage loan. If you have equity in your home and are struggling to make high mortgage payments, refinancing may be a good option for you.
Here are three tips help you refinance a mortgage loan.
1. Check your credit:
Request copies of your credit and review them. If there are mistakes, get them corrected as soon as possible. It can sometimes take several months to get corrections made, so begin the process well in advance of applying for a refinance loan.
2. Check interest rates:
Check to see what the current interest rate is on a mortgage. If it’s not lower than your existing rate, you should wait to refinance. Your credit score will play a big role in the determination of the interest rate you get, so if your score is low, work on rebuilding your credit before refinancing.
3. Research lenders:
Research lenders and compare what they have to offer. Schedule meetings with several lenders and discuss your options for refinancing.
To find the right loan for you, contact the mortgage specialists at Midland Mortgage Corp. Call 803.765.1680 or toll –free 800.854.9484 today.