As you likely know, there are quite a lot of people who have chosen to refinance their home this year. There is probably at least one family you know who has done it this year! We have had many people get in touch with us and ask about the refinancing process. We will give you some details to give you a peace of mind about the process! And as always, if you have any further questions, please let us know! We are here to help.
To start off with, keep in mind that it takes a little over a month from the beginning to the end…usually about fourth five days. If you are prepared (as much as you can be) ahead of time, it will take the shorter amount of time. Lucky for you, most of the refinancing work is out of your hands. There will be some paperwork that you will need to get together, but for the most part, your lender will handle it and they will be in touch with you when they need more details or paperwork signed.
As we have mentioned in the past, we would recommend you make a pro/con list to make sure refinancing is the best decision for you. One of the huge pros is that you will likely save a lot of money that can be put toward other monthly costs you may have. It also may free up some additional money that can be used for home renovations. If this is something you desire, this would be very beneficial for you.
Remember that refinancing is not free – there is cost involved. In saying that, shop around! Make sure that you find the lender with the lowest closing cost or other fees involved. For the most part, the refinancing cost is between two and five percent of the loan amount. In same cases, the cost may be more.
Stay tuned next week for some ideas and things to do to shorten the amount of time it takes to refinance your home! Today, we have just opened your eyes to the process.