you want to refinance a mortgage.
When we first started this blog -- nearly a year ago now! -- we wanted to not only chronicle our process of renovation but also educate on things we've learned. So here goes on how we recently refinanced our mortgage:
1. GET YOUR STUFF IN ORDER. Get your paperwork together -- tax returns, etc. Do it up front so you don't have to scramble in the end.
2. FIND A GOOD MORTGAGE BROKER. Ours was recommended from a friend -- the best way to go. They can help you navigate the ins and outs of how the process works. Ours was a construction refinancing which required lots of hoop-jumping.
3. KNOW YOUR CREDIT SCORE. Knowing this up front will help you gage what sort of rate you can qualify for.
4. TIE UP THE LOOSE ENDS. Anything that looks fishy, is fishy to the bank. Any old judgments -- valid or otherwise -- need to be settled. Old tax issues, any past due nasties, etc. should be cleaned up neatly before you get too far along.
5. HAVE PATIENCE! -- This is not an easy process -- they will make you earn that money! These days there are lots of hurdles to jump -- more if you have a complicated loan situation. Just keep your eye on the prize!
It's all worth it in the end!