There are a lot of benefits to doing so: reducing that monthly payment, tapping into equity, paying off the loan faster, getting rid of private mortgage insurance, or switching from an adjustable rate to a fixed rate.
How does one go about it?
Here are the steps!
Know The Goal — The first step is to know the why behind refinancing the mortgage. Is it to pay off the mortgage more quickly? Lower the monthly mortgage payment? Change from adjustable to a fixed rate? The answer will have an impact on the lender and type of loan chosen.
Shop Around — Shop around. Look at as many different mortgage refinance lenders as possible. Also make sure to keep an eye on their fees.
Apply For Various Lenders — Now make a list of the top 3-5 favorite options and apply for all of them. Try to do this within a two-week period so that it has little to no impact on your credit score.
Choose a Lender — After applying with each lender, it will be possible to see the rates that they’re offering. Then simply choose the best option. And don’t hesitate to call the lender and ask any more questions that may arise. Better to ask now than later!
Hope that helps!
And if you’d rather sell your home fast for cash, give us a call at (301) 234-7300. We can make you a fair cash offer within 48 hours, close in as little as two weeks, no hidden fees!