FHA and Investor Specialist

Mortgage refinancing tips: In our current low rate market, many lenders are inundated with loan requests. Current turn times to close a loan are still around 30 days, giving we receive the necessary documentation in a timely manner. The tightening of the secondary market for Jumbo Loans , FHA and Va Loans , and Fannie Mae loans.  In addition to shopping for a good rate with a competent Loan Officer, here are some basic Mortgage Refinancing tips to help you close within 30 days on a refinance transaction at the current market rates:

•-          Get an approximate current market value of your home prior to an Appraisal.  Online sites such as zillow will give you a ballpark of your current market value.  A phone call to the real agent professional who helped you purchase your home is a better idea.  The most disappointing the thing about our current market is seeing someone who is otherwise well-qualified to refinance have an appraisal come in too low to obtain financing that makes financial sense.

•-          Check your credit.  Your mortgage professional should review your credit with you prior to sending you a loan proposal.  Keep in mind inquiries within the same industry within a 30 day period will generally only count as 1 credit inquiry on your credit report.  You can also go online and obtain a free copy of your consumer credit report from many sources to review your credit report for accuracy.  If your score needs some massaging, here are some tips: Your Credit Rating: a Few Tips For Those Who Pay Their Bills On Time . 

•-          Have your documentation ready.  Lenders now will require the following for a standard full documentation loan:

- 2 years w-2's(and signed tax returns in many cases),

- 1 month paystubs(or pension/SSI receipts),

- 2 full months asset statements-ALL PAGES,

- Legible photo ID, a copy of a phone bill with phone # and address,

- Your homeowners insurance declaration page. 

- Other documentation may include a VA Certifcate of Eligibility(for VA Loans), a credit explanation, and even a job history explanation. 

People in Condominiums may need to ask their association to fill out paperwork regarding the Association as well.  Other documentation may be required after loan underwriting as well, including a possible review appraisal in many cases. Of all of the mortgage refinancing tips I could state, having your documentation is the most important.

•-          Ask questions.  Your Loan Officer should be able to respond to your questions in a timely manner, and should manage expectations properly.  Many LO's such as myself make themselves available after business hours and on weekends to answer questions via email and by phone.  Demand excellence from your Loan Officer.

In today's market, lenders are wary of fraud as well as unsaleable loans in the secondary market.  Loan Officers want to make loans, and want to ensure they are making good solid loans in this unstable market.  I hope these mortgage refinancing tips help!