The Mortgage Refinancing Process

Refinancing your Owings Mills mortgage is an excellent way to get cheaper rates and more affordable payments then your current contractual rate. Here at Equity Mortgage our team of experts has listed 4 steps to help prepare you for the mortgage refinancing process.

1. Preparation

Make sure you are well prepared before you start the refinance process. Instead of immediately jumping into it, do your homework so you know exactly how much you will be saving if you choose to refinance your existing mortgage. Also, check your current credit score so you are familiar with what kind of rates you will be offered. If your credit is lower than you had hoped, take the time to fix any problems that appear on your record before you begin the application process.

2. Decide How You Want To Refinance

There are multiple different ways you can refinance your Owings Mills home loan, so try and figure out what your reasons are for refinancing. What exactly are you hoping to achieve? Would you like to refinance to consolidate all your debt? Or do you want to have cheaper monthly payments? Maybe you want to refinance your adjustable rate mortgage into a fixed rate mortgage? Or perhaps you would like to shorten your amortization period? Whatever the case may be, talk with your local lender to go over the best options that fit your financial situation.

3. Shop The Market

You do not have to stick with your original mortgage lender if you are wanting to refinance. Be sure to shop the market and compare different rates so you can be confident you are getting offered the best price. You can also use other lenders rates as a negotiation tactic for getting a better deal.

4. Start The Application

After you have all your financial documentation together and you know how you want to refinance, the next step is to start the application with the lender of your choosing.  Take your time when going through the application and be sure to answer each question as thoroughly as you can. Making simple mistakes could slow down or even hurt your application, so answer accurately.

Once you find the right lender and your application has been submitted, you can lock in your interest rate to prevent it from rising over the next 60 days.

For more details on the mortgage refinance process, please contact your local Owings Mills mortgage lender, The Equity Mortgage Team, at 443-471-4310.