Tuesday, July 16, 2013

Refinancing Your Northern Virginia Home Mortgage

You've most likely heard, and even more likely noticed yourself, that mortgage rates are rising and fast. In past months, the interest rates were actually at historic lows while the housing recovery began to make its way back to normal levels. And now, if you've been contemplating the task, it may be the time for you to refinance your Northern Virginia home mortgage. According to real estate experts, refinancing is not as daunting as it may sound:

Consider Your Old Mortgage
The first thing you should do in this process is consider your old mortgage. Gather your latest mortgage statement to find your current rate, assess your annual property tax, know your credit score, and finally, find the costs of your insurance premiums.

Crunch the Numbers
Now is the time to play with a mortgage calculator or crunch the numbers yourself to estimate your new principle and interest rate. Consider how much to borrow and the length and terms of the loan, then compare the savings.

Ask Around
Chances are your NOVA real estate agent or friends and family have the names of trusted mortgage lends to recommend. Rates and estimates can always be found online, but quality service and attention cannot. Use your real estate sources and find the best fit for you.

Don't Apply Just Yet
A formal application lets your lender pull your credit score and when shopping around, pulling too many can actually hurt your score. Depending on your score, that can make a big difference.

Prepare, Gather, Decide
Shop around for the best rates, your preferred lender, gather all of the necessary documents, and then make a decision for the best possible scenario. When all of these have been decided, you are ready to apply for your new NOVA home mortgage. After it's all set, be prepared for surprises, delays, and roadblocks.


Earle Whitmore

No comments:

Post a Comment