Is It Time to Refinance? Here Are The Steps You Need to Take
If you’re loving your home, but not loving your mortgage payment, it could be time to look at refinancing options. There’s many reasons that homeowners choose to refinance, including reducing their monthly payment, lowering their interest rate, or changing the terms of their mortgage from an adjustable rate mortgage to a fixed rate mortgage. Do any of these reasons sound like they apply to you? Here’s the next steps to refinancing your home.
- Understand your refinance goals. Not pleased with your current lender? Consider a company that specializes in mortgage lending like GSF Mortgage.
- Submit an application. Just with your first mortgage, you need to be approved for the new loan when you refinance.
- Review your approval and complete the underwriting and closing process, just as you did when you were approved for your first mortgage.
- Enjoy the savings from your refinanced mortgage!
After refinancing, you should be in a much better position financially than you were before you refinanced. These benefits could be immediately realized through a lower monthly payment, or in the long run through paying less interest on a loan with a shorter term. Though it’s not appropriate for everyone depending on their current situation, refinancing your mortgage is a worthwhile consideration for every homeowner. There are always pros and cons and depending on your terms or the timing, it’s important to weigh those out before making your final decision.
