The Refinancing Conundrum

30-year mortgage interest rates are at historical lows, and it seems that all homeowners are looking to refinance their property. Just the thought of refinancing can be overwhelming…with the application, the document gathering, the phone calls, etc., etc.. Who has time for that? Well, even though it may feel like a hassle, the prospect of saving money, in some cases lots of money, may be well worth it. To prepare you for the refinance process Jesse Stein of Mortgage Master, one of our business partners, provides the following refinance primer:

Before calling your lender, answer the following questions:

-What county is your home located?
-Do you own a single family, multifamily or condo?
-What is the approximate value?
-What is your current mortgage interest rate? Is it fixed or adjustable?
-How much is your current principal and interest payment?
-How is your credit? Do you know your credit score?

You should also gather the following documentation:

-Copy of driver’s license (or equivalent) and social security card;
-W2s for the past two (2) years;
-Paystubs for the past month;
-Bank statements (for all accounts) for the past two (2) months;
-Most recent insurance bill;
-Most recent real estate tax bill;
-Most recent mortgage statement.

Jesse says that most of this information and documentation can be faxed or emailed to your lender to get the process rolling.

Jesse Stein is a senior loan office at Mortgage Master and can be reached at (617) 875-6479 or jstein@mortgagemasterinc.com.

For more information about the legal process, please contact your attorney.