Tips For Refinancing

Are you thinking about refinancing your home mortgage soon? Whether you’re looking to decrease your interest rate, cut your monthly payment or take cash out of your home, these are the tips you need to get the best deal when refinancing your home.

Keep Making Your Regular Mortgage Payments

Be sure to stay consistent with your monthly mortgage payments even if you’re going through the refinance process. That way your credit score will not drop and affect your refinance rate. However, if your next mortgage payment is due right before closing, reach out to your loan officer at First Ohio Home Finance to see if it might be better to pay at the closing instead.

Make Sure You Have All the Necessary Financial Documents

During a refinance, underwriters require more documentation than signing for the original loan. They may request your latest pay stubs, W-2s, tax returns and more. Be sure to get the requested documents to the underwriter as soon as possible so it does not hinder the refinance process.

Don’t Apply For New Credit

Changes in your credit may cause delays during the refinance process or even prevent you from closing. Be sure to consult with your loan officer if you think any changes in your credit will occur before closing.

Don’t Start Any Home Improvement Projects

Smaller projects such as painting are okay. Avoid bigger projects like a bathroom or kitchen makeover. Any project that will not be finished by the time of the appraisal, it’s best to avoid until after closing.

If you’re interested in refinancing your home mortgage, contact a loan officer at First Ohio Home Finance! Our loan officers are knowledgeable and able to answer all your questions during the refinance process.