Do a Santa Clarita Mortgage Refinance This Month

Santa Clarita homeowners are anxious to take advantage of the lowest interest rates in years. Reducing the interest rate on your Santa Clarita mortgage can save enough to make it worthwhile. The issue usually holding borrowers back it the 4-6 weeks or even longer it takes to get it done. With a little work and being organized you can save months of frustration.

Mortgage rates are expected to rise soon as the economy improves. if you are considering a refinance to lower your payment or pay off some other bills, time is running out to get these low rates.

The Santa Clarita home loan refinance can be completed in record time if you select the right lender. It takes commitment and organization from both the borrower and the lender. It takes choosing an experienced lender before you even begin. You do not have to understand mortgages or refinancing, but you do have to work with someone who does. You get a rookie or a loan officer who is very busy and both will cost you time and money and maybe even result in not completing the process.

Here are a few recent examples where the home owner went thru the refinancing process quickly and why that happened.

Santa Clarita Home Refinance

This home owner was doing a mortgage refinance Santa Clarita. Before the borrower ever applied, they got together the following documents:

• 2 years of recent tax returns
• 2 years of W2’s
• 2 months of Bank Statements- a PDF version downloaded from their online bank
• A copy of any deposited item in the 2 months that was not a paycheck and over $1,000
• A recent mortgage statement
• A copy of all borrowers’ drivers’ lic and social sec card. They took a cell phone photo then converted to a PDF so it was color and very clear.
• A copy of homeowners insurance that is paid 1 full year in advance and shows the effective dates reflecting that.
• A verification of employment completed form from their employer. Lenders have the form.
• 2 months recent paycheck stubs in sequence-all borrowers
• Completed Appraisal Authorization form

If you choose your mortgage lender carefully, doing your refinance home loan Santa Clarita will go thru easily. This borrower received the best home mortgage rates Santa Clarita due to their credit score, their equity and their documents package. The lender had the knowledge to offer the best options to this refinance.

Many lenders are good and maybe the Underwriter is new or the loan officer is new. Other lenders are so bust that the loan officer is not capable of handling the volume when home sales are depending on their work. Slipping in a refinance seems to slow things down.

FHA Mortgage Refinance

Many borrowers have a FHA home loan Santa Clarita. This type of loan has a mortgage insurance included in your monthly payment. Before you do an FHA home loan refinance Santa Clarita, see if you have enough equity to get a conventional refinance Santa Clarita.

If you do not have about 10% equity your best option is staying with the refinance FHA loan Santa Clarita. Anytime you do a mortgage refinance Santa Clarita it will cost you fees. Those fees should be able to be offset with monthly payment savings within 3 years to make the refinance beneficial.

VA Loans

If you are a Vet and have a VA home loan Santa Clarita, today’s low interest rates may save you some money. VA also allows a 100% loan to value doing cash out refinance Santa Clarita. Maybe paying off some other bills and doing some home improvements is your best option. If you are doing a refinance VA loan Santa Clarita be sure to add your form DD214 to the list of documents you will need. VA mortgage rates Santa Clarita are low and due to increase soon, so don’t delay in doing a refinance VA home mortgage Santa Clarita.

Reverse Mortgages

Many seniors have a reverse mortgage Santa Clarita. With this type mortgage Santa Clarita, the borrower has a line of credit. The amount of the line was set up when the borrower 1^st did the Santa Clarita reverse mortgage. As the home of borrower increased in value over the last few years it may be worth considerable more than they owe. Thus doing a reverse mortgage loan Santa Clarita may get the senior more on their line of credit.

Today’s Mortgage Rates

To determine if a refinance is your best option you will want to use a mortgage payment calculator Santa Clarita to see what a rate reduction would do to your payment. Home loan interest rates Santa Clarita are low and lenders are busy. They have many mortgage loans refinance Santa Clarita in front of yours. Having an experienced lender will get your file moving thru the backlog with the lender quickly. A mortgage rate refinance Santa Clarita usually will need an appraisal.