It’s the time of year that so many of us look forward to and welcome with open arms. The cold brisk air gives way to milder temperatures, we start storing away our winter boots, gloves and hats and replacing them with umbrellas and lightweight jackets, and bikes and outdoor furniture replace the snowblowers and shovels.
The home buying process is often an overwhelming and confusing endeavor, especially for first time homebuyers. The best advice you can adhere to is be prepared and do your homework. There are many steps to take in order to get the process under way. Here we are taking a look at the biggest mistakes to avoid when applying for a mortgage.
If you’re thinking of refinancing your home in the near future, there is a lot you need to consider. You need to determine your own reasons for refinancing and if refinancing is a feasible option for you and your circumstances. You also need to consider which mortgage company is the best option for you, keeping in mind that your current mortgage lender might not always the best choice for your refinance. Circumstances change. Your credit score/report might have changed. Your financial situation might have changed. Taking all of that into consideration, you need to do some leg work to find the right lender and right type of loan. We’ve put together some important questions to ask prospective lenders before you decide which to move forward with.
There are multiple reasons why a homeowner might make the decision to refinance. Perhaps they are trying to reduce their monthly mortgage payment or shorten the term of their current loan. Or maybe they are hoping to do a cash-back refinance in order to either pay off debt or to pay for home improvements. Whatever the reason, it’s important to remember that just because you have a current mortgage, does not mean you’re guaranteed to be approved for refinancing. Here we will take a look at some of the reasons a refinance application might be denied.