Mortgage Loan Refinancing Checklist

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Mortgage Loan Refinancing Checklist





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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
  its the right time to refinance or not.

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• 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 youll
  end up with lower monthly payments.
• In order to reap the benefits of a lower monthly
  payment, youll have to stay in your home for a
  long period of time, so that your new monthly
  savings add up to more than what youve spent on
  refinancing costs.

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• 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.

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• 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.

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• 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.
• Its 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.

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• 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-refinan
  cing-checklist/

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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 [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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