How to Refinance Your Home Mortgage?
The most noticeable benefit of mortgage refinancing is that you save substantially owing to a lower rate of interest. However, you reap other benefits such as debt consolidation, lower EMIs, conversion of a floating-rate mortgage into a fixed one, and so on.
Nevertheless, the process of refinancing is not just about making a couple of phone calls or sending a mail or two. It involves hefty paperwork.
Before you review the charges and refinance rates of private money lenders in Richmond Hill, let’s take a look at the process of home mortgage refinance.
Take Advantage of a Mortgage Refinance Calculator
Once you’ve determined the resale value of your home and evaluated a sound reason to refinance, the next step is to make the numbers work.
A loan refinance calculator comes handy when you’re shopping for the lowest rate of interest.
You’ll have to identify the expected loan amount along with the interest rate.
The tool will work out the likely loan amount, equated monthly installments, monthly and long-term savings based on the data you provide.
A mortgage calculator gives you a fair idea of what you can get in reality. When you receive estimates from private money lenders in Richmond Hill, you can feed the data into the calculator to figure out the best deal.
Research the Most Competitive Refinance Rates
Your next step would be to look for private money lenders in Richmond Hill who can offer
you the best refinance rate. Every private money lender you contact will provide an estimate
in 2-3 days.
Once you receive the estimates, input the figures into the refinance calculator to identify the
best mortgage rate.
Refinancing Your Home Mortgage – A Stepwise Process
- Check Your Present Credit Score – Go over your credit history and assess the credit score. You have a good chance of receiving a reasonable refinance rate if you have a high credit score.
- Identify the Current Resale Value of Your Home – Check out the latest property sales in your locality to have a sound idea of your home’s current equity.
- Be Aware of Mortgage Closing Charges – The home refinancing loan attracts an array of closing charges including appraisal fee, lender fees, assumption fee, loan origination fee, and so on. Check out and compare the itemised closing costs mentioned in the mortgage estimate application of different moneylenders.
- Organize Paperwork – You should be ready to arrange hard copies of a range of documents to expedite the mortgage closing process.
- Locking in Your Refinance Rate – You’ll need to lock the refinance rate to freeze the interest rate until closing.
- Set Aside Funds for Meeting – Since you’re aware that you’ll have to pay a slew of closing fees as mentioned in the loan estimate, be sure to save sufficient money.
Contact Banyan Venture Partners
At Banyan Venture Partners, we have a vast network of private lenders. We can connect you with the right lenders to help refinance your mortgage quickly, efficiently and cost-effectively.