New Year, New Rates: Consider Pre-Approval for Refinancing
The global economy can impact the price of a single home — and as you might have noticed lately, insecurity abroad and falling oil prices have changed the way money is being shared, spent, saved, and valued across the world. Meanwhile, the US Federal Reserve is trying to keep homeowners and homebuyers secure — by keeping interest rates low, for now.
With house prices rising at a “steady clip” and interest rates remaining at their competitive levels, now might be the perfect time to consider refinancing your home. With interest rates on your side as a borrower — and a positive outlook in terms of future home price trends, a new mortgage could help you save money today and earn money in years to come. Take the first step toward refinancing by getting pre-approved today.
Refinance Pre-Approval Checklist:
Current credit status information: Getting pre-approved for a home refinance is similar to getting pre-approved for a home purchase. Your credit status is a key consideration in the pre-approval process; if your credit has improved since you first mortgaged your home, that’s a good sign that the refinance pre-approval process will be a success. Your lender will pull your credit report from a trusted reporting company to get this information. Additionally, you’ll need to provide your lender with documentation on residential history, employment and income history, personal assets and bank accounts, and personal debt.
Current market value of your home: The current market value of your home will be used in determining the amount of the refinanced home loan. If your house has increased significantly in value since you bought it, the refinance amount will likely be higher; however, if interest rates are lower than they were when you purchased your home, it still may be a wise financial decision to refinance. The pre-approval process should give you a clear picture of your income-to-debt ratio. After assessing your credit status and market value of your home, you can decide whether the time is right to refinance.
Choosing the Right Refinance Partner:
If you’re ready to get pre-approved to refinance your home, make sure that you work with a trusted lender you can count on. The pre-approval and refinance process can seem overwhelming, but if you work with a lender with both local expertise and financial insight, you can make the choice to refinance with confidence and calm. The team at Accurate Mortgage Group has helped middle Tennessee homeowners refinance their homes for more than a decade — and we’re up to date on global, regional, and local economic trends to help inform homeowners when they’re making important decisions about the future. Contact us to learn more about getting pre-approved for a home loan refinance today.
Accurate Mortgage Group | NMLS #4664 | Equal Housing Lender| BBB-Accredited Business