According to the Mortgage Monitor Report from Black Knight Financial Services, roughly 6.5 million Americans could benefit from refinancing their home. Are you one of these homeowners?
About three million borrowers could save at least $200 a month by refinancing. By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage. A lower interest rate also could allow you to build equity in your home more quickly.
What do you need?
So what all is involved in refinancing your home? Here are some of the things you’d need to get the right information and rates. If you visit a Liberty Savings branch we can help you collect many of these items:
• Copies of previous two years’ W-2 forms
• Copy of two most-recent pay stubs
• Three months’ worth of the most recent statements for checking/share draft and savings accounts
• Copy of title insurance policy
• Copy of current homeowners insurance policy
• Copy of survey done for your last closing, if available
• The cost of appraisal and credit report
• Social Security numbers of all applicants.
How does it work?
When you refinance, you close your existing mortgage and create a new one. The approval process to refinance is similar to the process of obtaining your original loan. Our Liberty Savings Representatives will consider things like: income and debt, credit score, and other factors affecting your financial situation.
What is your new interest rate?
Your new interest rate will be based primarily on your down payment and credit score. When considering a refinance, you also want to understand your break-even point: Weigh the costs of refinancing against how much you’ll save each month to know when you will recoup costs over the length of your new loan.
Call our Mortgage Specialists today at 866-431-2424 or visit our Mortgage Page for more info and online links.