Many homeowners complain that on these days of refinancing fever, the customer service is sluggush, at best. The lenders do not return phone calls nor respond to emails, they leaving customer in limbo. Here are five things you can do to help grease the wheels before interest rate have a chance to rise.
1. Has your duck in a row: The document is the name of the game when it is time to process a mortgage loan. Call ahead and find out what you need to take before you have to sign the application on the dotted line. This can include the tax return, legal papers, or your spouse to sign the paperwork. Once you have everything ready when you show in the bank, then things move quickly.
2. Ready for race: It is great when you are “on the mark” and “set”, but if you are not ready to “go”, you may be eliminated from the race. If the cost through a credit check, appraisal, etc. before the closing will take place, ensure that you have money in hand, and pay immediately. If you are not ready to lock in a rate, then your home mortgage application process may not go forward. Due you finally decide, more decisive customer may reach the finish line first.
3. Treat it like an appointment with the doctor: If you go to the doctor with a specific complaint, the most important thing is to communicate the symptoms. In this way, doctors can prescribe the ideal remedy. Before you make an appointment with a mortgage loan officer, write down your top five reasons for the refinancing. By this way, you can the right mortgage package that suits to you.
4. Narrow the Field: Use the internet to research the various mortgage options, and narrow the field before you speak with your lender. Do you want an adjustable or fixed rate? Do you want to pay the same amount each month, but shorten the life of the loan? Are you try to free up some needed cash, or just hoping to lock in lower rate? Do you want to pay the principal or pay interest only? Ask yourself these questions before. By knowing your priorities, it will be easier for the lender to suggest the home loan mortgage refinancing that the best suits your needs.
5. Do not babysit the mortgage refinancing loan process: Once the loan is running, maintain contact with your lender, but do not become a backseat driver who looks over the loan officer’s shoulder in every mile of the way.
By following these five simple protocol, you will help your loan officer. And that translates into helping yourself to a smoother and faster mortage loan refinance.