House You Can Afford ▸ Refinancing Home Mortgage

Fast Refinancing

Getting Refinanced Faster: How Much Can You Save

When you are ready to maximize your home loan savings at record speed you might like to discover how vital it is that you…

  • Avoid feeling overwhelmed by all of the conflicting media reports by performing one ten second task you can do right now.
  • End the horrific cycle of paper and mail clutter that stops your ability to move fast
  • Give your federal government more money before you owe three times as much
  • Frequently check the single fastest place where liars go to get your loan denied, FAST.

Why pay attention to exactly when and how you should refinance? Because where we live housing is among the most expensive in the nation so a quarter of an interest point can save you tens or hundreds of thousands in interest payments over the life of your loan.

Even if you are the kind of person who refinanced as many times as legally allowed to maximize your financial savings, you know that there are always new opportunities to streamline the process so you save time, and money.

As you may already know people refinance a mortgage for a multitude of reasons including to get the lowest possible interest rate, to take advantage of a new government program, and even to increase the size of their loan and use the money to start a business, make home repairs, take a dream vacation, or send your kids to school.

It does not matter why you want to refinance your home. What matters is how long the process can take you, and how much you may be leaving on the table if you do not understand the new rules of rapid refinancing.

Tip #1: Watch the news. Most of the time potential interest rate hikes and drops are discussed on the financial news programs on all major network news stations. Set your cell phone to receive updates from news via text message so that you never miss an opportunity now when it slides down the pipeline. Better, faster channels of financial information are always becoming available, and it can be overwhelming to try to keep up with all of the conflicting new, much less understand everything you must to decide that today is the best time to refinance which is why I created my newsletter which you can easily sign up for on this page.

Tip #2: File your papers and mail weekly. As unrelated as this sounds, even the most savvy saver can halt the refinance process by missing a single document so make sure that you file your paperwork on a regular schedule. This includes weekly filing of your paystub, I-9’s, quarterly taxes, and other tax documentation, as well as checking frequently to ensure that your birth certificate and social security card are where you believe you left them.

Consider scanning everything into a secure digital file system to ensure that you can easily send it via email the moment it is needed should you decide to embark on a journey to refinance before rates return to their sky high norm. One of the easiest ways to know what you will need since you are looking to refinance the right way soon is to contact me to discuss your options.

Tip #3: Pay down your student loans. If you have not refinanced since the new interest rate floor you might be shocked to discover that student loans now count as a portion of the debt side of your debt to income ratio. That means the $50,000 in loans you took out to get through your master’s degree can now hurt your ability to get refinanced or even bump up the rate available to you making your refinance less financially valuable. Try the simple method of adding just 10% to your payments each month because you will begin to see a faster drop in interest owed this way. Check with your student loan servicing company to see if there is any way that making two payments a month, even if they are just half of your normal payment can save you 15 days of interest every month!

Tip #4: Check your credit every month. It would not be the first time I had heard the shock in a clients voice if you were to call me today and tell me that your credit was damaged because of rampant identity theft, credit card fraud, or even bank and lender error. Sooner or later everyone finds a blip or two on their credit report that just does not fit with the real story. The more frequently you check your credit report, the more easily you will sleep at night because you will know that your credit is exactly where it needs to be to get a car, buy a new home, or refinance at a moment’s notice.

Here’s a secret that many of my clients are surprised to learn. Call your bank or credit union and inquire about getting credit monitoring, and access to your credit report. There is a good chance that this service is already offered as part of your checking or savings account package for free, so there is no need to pay for a fee based monthly service unless you cannot find it free elsewhere.

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Before you leap into refinancing a mortgage with someone over the phone, feel free to call me at (562)257-5008 so that you understand if this is truly the best time to refinance, or if selling and transferring your debt into your dream home is the best decision you’ve ever had the opportunity to make.

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Process of Getting Approved for a Home Loan • How to Pay Off Your Mortgage Early? •  How Much Can You Afford For a House? • How to Get Approved for a Large Loan? • Refinancing Home Mortgage