Your first step should always be to talk with a licensed Mortgage Advisor, not go online. By taking this first step, the Mortgage Advisor gets to ask all the important questions during the phone call that will inevitably determine the customer’s rate. Too many things go into determining what a customer’s true rate will be such as credit score, appraised value, loan program, property type, loan purpose and so much more. Once this conversation has taken place, the Mortgage Advisor starts with putting the data into a loan origination system, pulls credit and then forms the outline of the new loan. The Advisor will then research all the options available to the customer in the market place finding the lowest rate and closing cost combination for that specific scenario. Once that has been determined, an analysis can then be performed considering the customer’s current mortgage up against those new options available. This analysis is detailed yet easy to understand. This is done so the customer can understand the mechanics behind the new loan and can make an informed decision.

When a customer is looking to refinance its best to receive an option email, not a quote.  They may sound the similar, but they are not.  An option email thoroughly breaks down several different new financing options and compares it against their current mortgage.  By receiving an option email, the customer gets a chance to understand how a loan actually works.  Aside from portraying what monthly savings could be, it also considers items that are critical to understand.   Items like how much is working towards principal, how much goes to the bank as interest, where would your loan balance be in the future if you did nothing versus the new loan for the same time period and of course the total interest savings overall.  The option email is a more thorough approach than a quote.  It allows the customer to better understand the mechanics behind the loan and allows them to make a better decision.

By having your credit pulled and documents reviewed by a licensed Mortgage Advisor, you are increasing your chances of receiving a more accurate picture. Imagine calling a contractor to remodel your kitchen, asking for a price but not letting them inside the house to look around and measure. How in the world could you get an accurate quote? The answer is you cannot nor can the customer receive the right information they need to make an informed decision without the Mortgage Advisor doing due diligence and looking into everything.

By choosing to get Properly Refinanced, you increase the chances of getting the new mortgage approved and actually closing on it.  You are also allowing yourself to understand how a mortgage works, how to best apply it to your situation and allows you to make the right decision.  Making the right decision will create the best possible financial outcome for you and your family for years to come. 

Most times when customers try to shop for a mortgage, their instinct is to go online and look for interest rates.  Unfortunately this approach will give the customer a false sense of their true rate because in most instances it’s simply an advertisement.  The truth is everyone’s situation is different and the customer needs to talk with a licensed Mortgage Advisor so that the entire picture is understood.  So many things go into determining what a customer’s true interest rate will be such as credit score, appraised value, loan program, property type, loan purpose and so much more.  If a lot goes into determining the actual interest rate, how can the customer make an informed decision simply by looking at an advertisement?  The answer is they can’t.

Most times when a customer goes online they are looking to get a quote so they can determine what their new mortgage payment could be and whether or not they can afford it.  Many of these quotes don’t allow the customer to fully understand how a mortgage works.  Ask yourself, the last time you shopped for a mortgage how detailed was the information that came to you and did it teach you anything?   Did it allow you to make an informed decision or did it feel like someone quoting you to get a foot in the door to grab your business?  Not allowing the customer to fully understand the mechanics behind a mortgage could lead to making the wrong decision and impact your finances for years to come.

You and your lender only have a conversation about your income, assets and other financial matters.  Sometimes a credit report isn’t pulled for the customer as well…scary if you ask us!  This type of approach is not recommended as the quote is given is usually not accurate by any stretch.

By choosing not to get properly refinanced, the possibility exists that you end up with the wrong mortgage.  Taking a mortgage you shouldn’t be in can be a scary thing and may not be so easy to get out of.  Ending up with the wrong mortgage is a devastating feeling and can cause serious financial harm to you and your family for years to come. 

Your first step should always be to talk with a licensed Mortgage Advisor, not go online. By taking this first step, the Mortgage Advisor gets to ask all the important questions during the phone call that will inevitably determine the customer’s rate. Too many things go into determining what a customer’s true rate will be such as credit score, appraised value, loan program, property type, loan purpose and so much more. Once this conversation has taken place, the Mortgage Advisor starts with putting the data into a loan origination system, pulls credit and then forms the outline of the new loan. The Advisor will then research all the options available to the customer in the market place finding the lowest rate and closing cost combination for that specific scenario. Once that has been determined, an analysis can then be performed considering the customer’s current mortgage up against those new options available. This analysis is detailed yet easy to understand. This is done so the customer can understand the mechanics behind the new loan and can make an informed decision.

When a customer is looking to refinance it’s best to receive an option email, not a quote.  They may sound similar, but they are not.  An option email thoroughly breaks down several different new financing options and compares it against their current mortgage.  By receiving an option email, the customer gets a chance to understand how a loan actually works.  Aside from portraying what monthly savings could be, it also considers items that are critical to understanding.   Items like how much is working towards the principal, how much goes to the bank as interest, where would your loan balance be in the future if you did nothing versus the new loan for the same time period and of course the total interest savings overall.  The option email is a more thorough approach than a quote.  It allows the customer to better understand the mechanics behind the loan and allows them to make a better decision.

By having your credit pulled and documents reviewed by a licensed Mortgage Advisor, you are increasing your chances of receiving a more accurate picture.  Imagine calling a contractor to remodel your kitchen, asking for a price but not letting them inside the house to look around and measure.  How in the world could you get an accurate quote?  The answer is you cannot nor can the customer receive the right information they need to make an informed decision without the Mortgage Advisor doing due diligence and looking into everything. 

If you are NOT Self Employed

• Two Recent Paystubs
• Two Recent W-2’s
• Two Years Personal Tax Returns
• Two Months of Asset Statements

If you ARE Self-Employed

• Two Recent Paystubs (if they exist)
• Two Recent W-2’s (if they exist)
• Two Years Personal Tax Returns
• Two Years Business Tax Returns
• Two Years K-1’s
• Two Months of Asset Statements

By choosing to get Properly Refinanced, you increase the chances of getting the new mortgage approved and actually closing on it.  You are also allowing yourself to understand how a mortgage works, how to best apply it to your situation and allows you to make the right decision.  Making the right decision will create the best possible financial outcome for you and your family for years to come.