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If you want to refinance your mortgage, there are a few tips and tricks that will help you increase your chance of approval. Whether you need more flexibility than your current mortgage allows, or you want to take advantage of lower interest rates, here are four tips to achieve a smoother, more successful refinancing process:
The higher your credit score, the better your refinance loan options will be. Find out what your credit score is and work to improve it if necessary before applying for refinancing. Paying bills on time and minimizing your debt are the best steps to increase a credit score.
In most cases, you may be able to borrow between 80% and 90 % of your home equity—the difference between the property’s market value and what you still owe. By identifying how much equity you currently have in your home, you’ll have a better idea about the amount for which you may qualify.
Before finalizing a refinance load, you must pay any closing costs. This amount is typically between 3% and 6% of the loan. Therefore, making sure you have this money available before you begin the process of refinancing will save you time and headaches.
Not all lenders are created equal. It’s crucial to choose an experienced lender that provides prompt, highly personalized customer service and competitive rates, as well as plenty of mortgage options.
At Midland Mortgage Corporation, our seasoned mortgage consultants are the best in the industry. We are dedicated to matching you with a refinance loan that works for you. Plus, we make the entire application process hassle-free.
Contact us to explore your best refinancing options and learn more refinancing tips and tricks from the experts.