1 / 9

Mortgage Loan Refinancing Checklist

Do you want to refinance your loan? Refinancing your loan can be the right financial decision. Before you refinance your loan, you should research about refinancing options in order to reap its benefits. Educating yourself on current refinance rates and industry trends will help you make an informed decision. Deciding on a refinancing program isn't easy and can be challenging. This presentation provides a checklist of important questions you should be asking yourself before deciding to refinance your mortgage. https://www.drewmortgage.com/mortgage-loan-refinancing-checklist/

Drewmortgage
Télécharger la présentation

Mortgage Loan Refinancing Checklist

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Mortgage Loan Refinancing Checklist

  2. Introduction Are you planning to refinance your home? Refinancing your mortgage can be the right financial decision. In order to reap the benefits of refinancing, homeowners should thoroughly research their best options. Homeowners must educate themselves on current refinance rates and industry trends. Deciding on refinancing can be challenging. The following checklist will help you decide whether it’s the right time to refinance or not. 2

  3. Here's a checklist of important questions you should be asking yourself before deciding to refinance your mortgage. 1. How many years do you plan on staying in your home? There are expenses associated with refinancing home loans, which include application and lenders’ fees, title insurance, prepayment penalty and much more. One of the benefits of refinancing is that you’ll end up with lower monthly payments. In order to reap the benefits of a lower monthly payment, you’ll have to stay in your home for a long period of time, so that your new monthly savings add up to more than what you’ve spent on refinancing costs. 3

  4. 2. What's the interest rate on your current mortgage? The most important reason homeowners choose to refinance their mortgage loan is to lower their mortgage interest rate. The lower interest rate will result in paying less over the life of the loan and can lower your monthly payment. 4

  5. 3. What's your credit score? Lenders examine and verify your ability to pay back home refinance loans. Your bank statements, paychecks, investment records, tax returns, and a personal monthly budget shouldn't show more than a certain percentage of your income being spent on debts, including mortgage and property tax. Your credit score needs to be adequate. Check all of these requirements before applying for a home refinance loan. 5

  6. 4. Are you currently paying for private mortgage insurance (PMI) premiums? Dropping private mortgage insurance can significantly lower your monthly payments and make refinancing even more profitable. It’s important to speak to your refinance mortgage provider about mortgage insurance. 5. Does your current mortgage have any prepayment penalty? If your current mortgage has a prepayment penalty, then you have to add that to the additional costs of refinancing. 6

  7. If you want to refinance your mortgage loan to a lower-interest-rate or reduced term, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is a Boston Mortgage Lender that can help you refinance to a lower-interest-rate or reduced loan term. Drew Mortgage loan officers will help identify refinancing loans that best suit your financial needs. If you have any questions regarding refinancing your home loan, contact Drew Mortgage Associates, Inc. today! For more details about mortgage loan refinancing checklist visit here: https://www.drewmortgage.com/mortgage-loan-refinancing-checklist/ 7

  8. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 8

More Related