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Five Tips For A Fast Refinance In California

by  | JB Mortgage Capital, Inc.
Posted:     Updated: Mar 3, 2019  9:51 ET
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Refinancing Your Mortgage:Low mortgage rate refinance

Do you live in California and are you about to refinance your current mortgage? If so here are five tips to make sure you refinance closes fast and at a low mortgage rate. Using these tips will not only save you time but could also save you thousands of dollars. Before we get to the tips we want to make sure you're aware of the most important tip for both refinances and purchases: only work with reputable mortgage companies that have at least an "A" rating with the Better Business Bureau. Taking a chance on a company that has a rating below an "A" might end up costing you thousands of dollars and a delayed closing time. And don't forget to stay on top of the current California refinance rates to make sure you lock in a great term!

The Five Tips To A Fast Closing:

  • Be prepared: Gather your income docs, know your credit history and research your current home value on sites like Trulia.
  • Contact 2-3 refinance companies: Not shopping around might cost you money. And make sure each company is a reputable mortgage company. Confirm with the company you chose that they can close in 30 days or less (not all mortgage companies can close that fast).
  • Send in your documentation quickly: Far too many times home owners delay sending in their documentation. Do your best to send in any requested documentation within 48 hours of being requested. When you take a long time to send in your docs it may cause delays and that delay may cost you money. How? If your interest rate is locked and that lock needs to be extended that comes at a cost to you. A one week extension may cost more than $1000 on some loans.
  • Don't go on vacation during the process: Sometimes a home owner will go on vacation or travel during the loan process. This could cause significant delays and should be avoided if possible.
  • Schedule the appraisal asap: Don't wait to do this; the faster it's scheduled the faster you can close. And make sure the home is ready to show. A clean home generally appraises higher than a home that is dirty and looks like it's not taken care of. From the outside in; make sure it's ready for inspection. Treat it as if you were selling the home and that will help get the highest value possible.

And don't forget to ask questions. This alone could save you thousands of dollars by making sure you're working with the right Loan Officer. If the Loan Officer doesn't want to answer your questions then you probably should find a new Loan Officer.

Good luck with your next refinance and don't forget to follow these five tips to ensure you have a fast closing at a low mortgage rate.

Topics: Residential conventional loans | Commercial lending
More by: Kevin O'Connor


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Five Tips For A Fast Refinance In California

by Kevin O'Connor | JB Mortgage Capital, Inc.
Posted: Mar 3, 2019  9:48 ET    Updated: Mar 3, 2019  9:51 ET

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