Mortgage contracts can be quite complicated, make sure you thoroughly review your proforma contract or hire any attorney to review before signing anything.
If you refinance, make sure you shop for the best mortage rates and even look for mortage rates website were banks and mortage companies will compete for your business before you decide.
During The Process of Refinanceing your home, you need to be prepared for the following:
1. Prof of Income, Funds, Banks Statements and Assets. Most banks/ mortgage companies will want to see this to make sure you have a minimized risk to them.
2. Read the fine print: Many times as all things, the devil can be found in the details, make sure you read and understand every word in the proposed contract. This will save you much stress in the future.
3. Shop around and do your research before choosing. Many times the interest rate can be negotiated or you can make a case for a lower rate by comparing mortgage companies to one another and showing more details in your package that you may have missed.
4. Try to be honest with the Banks and minimize mistakes. When you give banks and mortgage companies accurate info and present all details that makes your package stand out, this helps them trust you and may help you get approved or a good rate.
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