Everyone wants to take advantage of the record low mortgage rates, but with so many hoops to jump through, not everyone can qualify for a refi.
Rodney Anderson, executive director and managing partner of Rodney Anderson Lending Services, explains the three things that will boost your chance to refinance your mortgage.
1. Increase your credit score. Know where you stand, first, and then always be working to move your score to the next threshold to ensure the best interest rate available.
2. Begin your application sooner rather than later. If interest rates drop the lender can lock in a low fixed rate if you’ve already started the refinance process. But most people sit on the sidelines and get in the game when it’s too late.
3. Know the value of your home. Invest in an appraisal so you know the true value and therefore your refinance options. If you’re upside down you may be able to dispute your property taxesand save some money that way.