Regardless of your credit, it pays to do your part in
helping to guarantee that your refinance loan goes through
without any surprises.
There are four simple steps you can take to make this
happen.
Investigate your credit Estimate your equity Know your
home's value Shop for a good lender
A lot of people don't realize their credit report can hold
some big surprises until it's time to refinance their home.
It's easy to forget to make a payment, and most people
realize one single missed payment can make the difference
between an approval and denial.
Check Your Credit Report...
It's a good idea to check your credit report to guarantee
that what's on there is accurate. If you didn't do what
your credit report says you did, demand that it be
corrected. By the same token, if you were late with a
payment and the credit report doesn't show it, be grateful
for small errors.
Estimate Your Equity...
The amount of equity in your home determines how much
you'll pay for your home refinance loan. If you have almost
no equity it makes zero sense to abuse yourself by
refinancing. It could cost you a bundle. Here's a handy
little tool you can use to get a pretty good idea of how
much equity your working with.
http://moneycentral.msn.com/loan/home_equity_calculator.aspx
Know Your Home's Value...
Knowing your homes value doesn't have to be guesswork, and
it doesn't necessarily have to be a science. Many times
homeowners can find out how much their house is worth by
searching through sites like http://www.Century 21.ca and
http://www.Century21.com.
Since they're the biggest of the
big, you can usually find out relatively easily how much
your home could be worth by using data they collect on
homes they have sold.
http://www.Zillow.com also specializes in pinpointing
specfic home price points, but is currently only offered to
U.S residents.
In real estate, "comps" - or comparative values - tell you
what homes with similar features to your own in your area
have recently sold for, which can give you a rough estimate
of what yours could be worth.
Shop For a Good Lender / Mortgage Broker...
The last step is important, because a good mortgage broker
is sort of like a good steak: really rare.
To make sure you get the best possible lender / mortgage
broker, it's important that you look for the right things.
Hold out for a lender who has a number of different
products for you, to guarantee a smart refinancing
situation. You don't want to be streamlined into a loan
that doesn't fit your plans or it could cost you a bundle.
And if you're planning a big move in the very near future,
it might not make sense at all.
----------------------------------------------------
Darrin Roseborsky is a Refinance Specialist with OMAC
Mortgages, seminar speaker and president of
HomeRefinanceCoach.com. Darrin shows people how to MAXIMIZE
their equity PROPERLY and how to choose options that make
the MOST SENSE for their situation! An example of exactly
how this works, is at: http://www.homerefinancecoach.com
No comments:
Post a Comment