What are the steps to refinancing? ?

Question

we have lived in our home for almost two years and from a original 153 that we bought it we have brought it down to 127 in this time. we need to refinance bc our interest will fluctuate within the next two months, most likely go up. the reason for this is bc it went under my husbands' credit that wasn't the greatest, and got us a high interest rate. after these two years we have been really careful with his credit and i believe that we can get a better interest rate now. so now i would like to know the way to go about a new mortgage and any tips to getting the best deal out there.

Answer 1

Steps to refinancing:

Think of Your Objectives

Quick Application

Design Your Loan

Get Qualified

Pick Your Loan Program

Get Your Home Appraised

Submit your loan for a Full-Approval

“Prior-to-Drawing-Documents-Conditions... may come up

Schedule the Signing with a Notary

Funding of your loan

Answer 2

Talk to a mortgage broker in your area & they will shop around for you. Ask to see if you qualify for an FHA loan. I am licensed in MI, MN & IN.

Answer 3

biggie is correct

I am a mortgage banker in TN & KY

Answer 4

My company is licensed in MO, KS, OK.  you need to contact a broker, or a bank (see who can get the best rate. They will take an application and then pull your credit to see if you qualify.  Then the process starts from there and they will need to gather all the needed documents.  

Answer 5

If you are trying to refinance with negative equity, then your only recourse is to hope your current lender is willing to work with you, very unlikely another lender will take on a loan that right of the bat has negative equity  

Answer 6

Step # 1: Shop around at a few mortgage companies.

Step # 2: Come to think of it, there isn't a step 2.

The process is easy. Your mortgage company will handle everything. Shop around, though, and don't let them pull your credit scores until you're ready to do the refinance because every time they pull your credit scores they drop a notch.