Refinancing Your Home Mortgage: Getting Ready

Article Posted by Expert Author: adminrhmg adminrhmg  on 11/01/2013

Refinancing your home mortgage means you will be starting the loan process all over again. So you will have to be put through basically the same route you did when you took out your existing mortgage. Initially, you will have to arrange all your accounts and savings records together and make sure your credit profile is good. This is important because you will have a benefit with refinancing if you have an excellent payment history with your current loan and a credit record to prove it. These will prove to your Lenders that you're a fine risk, who will pay on time and that makes the qualifying procedure a lot less painful.

Even if a mortgage refinance is just an idea in your head, get the copies of your credit reports from the three credit companies i.e. Equifax, Trans Union and Experian. Go over them to make sure they are correct and current. If you spot any credit-wrecking mistakes, take the required actions to have the errors corrected and ensure that the information gets up-to-date. Scrap the credit cards that aren’t currently in use and pay all your bills on time. The lender may also need to verify your employment and income records so keep them handy as well.

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