Your How to Guide to Refinancing your Mortgage
1.REVIEW YOUR REFINANCING OPTIONS
You may want to add that new kitchen you’ve been dreaming about, take a special vacation or even take care of your outstanding debt. To help you get there, you may want to refinance your house. Anyway, with the property price gone up, we believe your house price will be going up too. With the higher price, you may able to apply for higher loan.
2.CHECK YOUR CREDIT REPORT
It’s a smart step to check your credit because banks will do so. The better your credit rating, the more desirable your profile will be to a bank. One easy step to start improving your credit rating is to not run up your balances to the limit on credit cards and to pay everything on time.
3.PREPARE A LIST
We as Mortgage Consultant will need some basic information in order to move forward, such as your current bank’s details, how much you owe on your current housing loan, gross monthly income and the value of your home.
4.FACTOR IN A FEW ADDITIONAL COSTS
There will be a few fees and costs associated with this process, such as lawyer fees, valuation fees and penalty fees.We can discuss these with you and factor into the loan.
5.YOU’RE READY TO APPLY
Okay, it’s time to apply with your chosen Bank. Be ready with a few required documents, proof of income, income tax returns, recent bank statements and your monthly expenses.
Just like you shop for the best value on your groceries, We as your Mortgage Consultant will go shopping on your behalf for the best interest rate and options. After all, a lower rate can save you big time in costs over the life of your new loan.
7.DO THE MATH
Once received your full documentation. Bank’s will proceed for approval.You’ll be offered a number of approved loan options, so we will discuss them with you and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.
8.HOME SWEET HOME
That’s it. Once the paperwork is done, it’s time to take that vacation or begin your dream kitchen reno. Enjoy!
So, what are you waiting ?