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Tips for a better Mortgage Refi ExperienceBe sure to ask for copies of the Good Faith Estimate before you agree to a deal. Granted this document is only an estimate, it should be very close to an accurate assessment of all fees and charges. If a broker tells you that they cannot provide information on a particular charge, begin to ask questions until you are satisfied. Most good brokers will provide a Good Faith Estimate (GFE) during the loan process, and come the day of closing you will find that you have to pay less than estimated. Your mortgage professional will help you to choose the right type of refinancing for you. Be prepared to provide them with your reasoning for the refinance, as it will help them to better assess your situation. Are you looking only for a better rate or do you need cash out or debt consolidation? Be sure to answer all of your mortgage brokers questions as accurately as possible. This will help your mortgage broker in determining which loan program may best fit your needs. Before contacting your preferred mortgage professional, you may want to gather these documents before hand: In order to have a better refinance transaction, keep all copies of your original application disclosures. At closing you are allowed a 3 day period to rescind your loan if you do not feel comfortable with ANYTHING about the loan. Tell your mortgage professional upfront you will review your disclosures against the closing docs at closing. Taking the time to fully document your income is one of the best ways to prepare for any mortgage application, in particular a jumbo loan application. Whatever you do, be honest about your income, your job history and your credit history. Don't even fudge a little bit. These things are verified during the process and just a little bit of misinformation can result in your approval being invalid because your loan officer relied on it when recommending a loan program. This can cause substantial delays even if the information is not something that would cause your loan to be denied. » DISCLAIMER: The information contained in this article on 'Tips for a better Mortgage Refi Experience' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.
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Article Contributors:FHASpecialist Related Topics:» refinance
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