• You may be able to lower your monthly mortgage payments by refinancing.

  • Generally it is a good idea to refinance when interest rates are lower than the current rate of your loan. Talk to you loan officer to see if refinancing is a good idea for your home.

  • Generally, you will need to provide your tax returns, W-2s, pay stubs, bank statements, photo ID, renting history, and give your lender permission to pull your credit report.

  • The most common types of loans are conventional loans, FHA loans, and VA loans for veterans. With an FHA loan, you may be able to qualify for a loan with as little as 3.5% down payment and a credit score lower than that required by conventional loans. If you have good credit and can afford a larger down payment, the conventional one is probably the best option for you. Finally, if you're a Veteran, the VA loan offers a lower interest rate and requires no down payment.

  • Points are percentages of the loan amount which can raise or lower the interest rate on a mortgage loan. Often, loan officers will provide buyers with options of either purchasing points to lower the interest rate or offer the buyer a credit which can provide money up front to the buyer but raise the interest rate on the loan.

  • Since interest rates can change daily, when you feel comfortable with an interest rate, you can ask your loan officer to lock in your interest rate for 30-60 days. Speak to your loan officer to find out what the terms for locking in an interest rate are and if it's the right choice for you.

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