3-step,Approach,Refinancing,Yo marketing 3-step Approach to Refinancing Your Home

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Especially at a time when interest rates are low, refinancing your homeloan can be beneficial to your financial situation by saving youhundreds of dollars on your mortgage payment each month. Refinancing amortgage is a process though—a process that can be tedious andfrustrating at times. Before you sign your refinance mortgageapplication, take this 3-step approach to refinancing and make surethat it’s the right move for you and that you approach the process inthe right way.Start with your current mortgage lender.The most logical place to start with your refinance investigation is tostart with your existing mortgage lender. Since you have an existingrelationship with the lender, it may be faster and easier to refinancewith them. First, the cost of refinancing (closing costs) may bereduced, depending on how old your loan is. Credit report checks,escrows and appraisals may all be waived if your loan is less than twoyears old an you have a positive payment record with the lender (alwaysmake your payments on time). The existing relationship may also equateto a lower interest rate than borrowing from a lender you don’tcurrently have a relationship—especially if it means they may lose yourbusiness to a competitor.Compare current lender with other lenders.Shopping for the best deal does not only occur on car dealership lotsand the local mall. Refinancing a mortgage is a major financialdecision and you need to shop and compare at least three other mortgagelenders to your current lender. It’s almost a guarantee that if youshop four different lenders, you’ll walk away with four differentclosing costs, interest rates and annual percentage rates. Onceyou have your facts and figures together, it’s important to compare theright items to each other before deciding the offer is the right onefor you. Many refinance shoppers find the lowest interest rate anddecide this is the lender offering them the best deal. This, however,may not be the case. The number you really should be comparing is theannual percentage rate (APR). the APR is the annualized cost of credit,so it give you a true picture of how much the refinance is costing youbecause it includes the closing costs in the percentage rate.Aftercomparing the APR, it’s also important to compare the terms andconditions of the new loan. For example, you can’t really compare a30-year fixed rate mortgage to a 15-year and say that one lender isbetter than the other. You need to compare lenders based on the sametypes of mortgages. Apply for the mortgage refinance.Once you have chosen the lender, the next step is submitting yourmortgage application and any supporting documents the lender needs toprocess you application. Most mortgage companies have stepped into the21st century so you can speed up the application process by submittingeverything online from the comfort of your own home or office. Even ifyou don’t complete the application yourself, the loan officer you’retalking to on the phone is submitting the information into her computerand everything is done electronically. This also opens up your lenderoptions so that you’re not bound by geography. Expect a mortgageapplication processing time of anywhere from three to six weeks fromthe time you submit the application until the time you close on themortgage refinanceInterest rates are low, so refinancing yourhome loan may be on your list of things to do before the end of theyear. When you chunk the mortgage process down into these three easysteps, it can be a faster, easier and more beneficial way to refinanceyour home, save you money and make your overall financial situation alittle bit brighter. Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman";mso-ansi-language:#0400;mso-fareast-language:#0400;mso-bidi-language:#0400;}About the AuthorKristie Lorette is a freelance writer and marketingconsultant that specializes in personal finance. She is also the editor of TheMortgage & Credit Diva, a blog devoted to mortgage and personal financetips, tricks, and advice for consumers. You can read Kristie’s blog at www.mortgageandcreditdiva.blogspot.comor learn more about her writing and marketing services at www.studiokwriting.com.