MORTGAGE RATES ARE AT AN ALL TIME LOW
NOW IS THE TIME TO THINK ABOUT REFINANCING!

TIPS TO REFINANCE

• CREDIT, CREDIT, CREDIT  - same as advice for buyers.
• DON'T BELIEVE EVERYTHING YOU HEAR ON TV AND RADIO ABOUT RATES - Every situation is different. Before lenders can effectively quote rates, they need to know a lot of information such as credit score, how much the home is worth and how much will be borrowed.
• THERE IS MORE TO CONSIDER ABOUT REFINANCING THAN JUST A LOWER MONTHLY PAYMENT - Though a lender may be able to quote you a payment lower than what you pay now, it may not make sense when you factor in the costs, such as extending the length of the loan out to 30 years again. A mortgage professional will help assess those costs so the borrower can make an educated decision.
• TIME FRAME - The mortgage industry is operating with a much smaller infrastructure and fewer people than just a year ago.  With the historically low interest rates, there are a lot of people wanting to refinance. This extra strain will slow the process down a bit.
• UNDERSTAND THE RULES ARE DIFFERENT - Many loan products that were available before and that many customers had been accustomed to are no longer available. Lenders ask for a lot more verification of the information in a loan application, and not everyone qualifies.
  
  Source: Jim Smith, Reliance Mortgage

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