Refinancing: Do’s and Dont’s
Rates are still low and many people may still benefit from refinancing. Here are some do’s and dont’s to keep in mind if you are thinking of refinancing.
- Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with us first. It may be best to pay at the closing rather than to risk having the payment and payoff letter cross in the mail.
- Prepare your home for the appraisal. The appraiser will take photos inside and out. While a messy house is not really worth less than a clean one, property appraisal is part art, part science. First impressions can make an impact with an appraiser just as with a prospective purchaser.
- Keep your current pay stubs and bank statements available. Underwriters may request the latest documentation before loan approval or as a condition of loan commitment.
- Understand that things have changed. Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.
- Don’t apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account, please consult with us first.
- Don’t change jobs during the process. Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.
- Don’t make undocumented deposits. Primarily large, but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.
- Don’t start any home improvement projects. However, small cosmetic projects like painting are not usually a problem. Anything that can disrupt functionality can be an issue if undertaken before the appraisal. Delay projects that require a building permit, involve a bathroom or kitchen renovation, or create structural changes.
- Don’t ever be afraid to ask questions. If you’re uncertain about what you need or what you should do, we’re here to help you through the process.
Trust the experienced loan officers at Inlanta Mortgage to get you on your way to saving money and achieving your financial goals. Find a loan officer near you using our branch locator, or apply online today and we will connect you with a loan officer in your area.
About Inlanta Mortgage
Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.
Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.
Inlanta Mortgage, Inc. NMLS #1016