Monday, April 13, 2009

Before you refinance mortgage, take these steps

posted by SooYeon(Pia), Shin

With mortgage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup your closing costs in a reasonable amount of time. And unlike during the housing bubble, you now need to provide lots of documentation, including proof of your income, when you want to refinance your mortgage loan..

Before you refinance your mortgage, there are eight things you should do:

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