Refinancing a house probably isn’t as simple as we’d like it to be, but it’s not as complicated as it may seem at first glance. As with anything, if you break it down into the constituent steps of the process, it will be much easier to understand and accomplish – despite the legal and financial complexities and the mountain of paperwork. To that end, we offer this step by step guide for refinancing a house in Atlanta.
Decide For or Against a Mortgage Broker
You have two basic options for refinancing your house in Atlanta: go to a bank or work with a broker. If you decide to go about it yourself, you might only end up with a couple options to choose from. A mortgage broker, on the other hand, will present you with a number of different options, making your life easier and often getting you a better and faster deal.
Determine the Type of Refinance You Need
The first step in the actual process of refinancing your house in Atlanta involves determining what type of refinance you’re looking for. It’s a relatively simple process at first. The main factors you’ll need to consider for the type of refinancing are:
- Do you want a lower payment and rate?
- Do you want to pay off your home sooner and with less interest?
- Do you want to get cash out of the equity in your home to pay off debt or do home improvements?
The best way to figure out what options you have in regard to what you need is to talk directly with a local mortgage broker. (If you have any questions, just call [phone].)
Research Local Mortgage Brokers
You didn’t buy the first house you saw, right? Same goes for mortgage lenders. Do your research. Even if you just do a Google search for “best mortgage broker in atlanta” and start there, that is better than nothing. Look at the companies website, check their reviews, give them a call. This is a great first step in choosing someone you know will have your best interest at heart when getting your refinance done.
- Search the internet for local mortgage brokers
- Check their website, see who they are and how they present themselves
- Check their reviews across multiple platforms, Google, Facebook, Zillow, Yelp, etc. Do they come recommended?
- Give them a call and ask questions until you feel confident that they are professionals worth working with.
Tell Your Story and Ask Questions
The truth is that every mortgage is not the same. Every person has a different experience, different needs, and a different story. Talk to your licensed mortgage professional about your needs and what your goals are. Through a conversation they will be able to present you with all your options. This gives you the most flexibility when choosing the best loan for you.
Apply for Your Refinance
After you’ve had a conversation about your options you can officially apply for your refinance. This process shouldn’t take too long and in most cases, if you need help, the loan officer you are working with can take your information right over the phone. Some things you may be asked:
- How much do you currently own on your home?
- What is your current rate?
- How much is your home worth?
- What is your credit score?
- Do you want to get any cash out?
After you you provide some of this information you will be provided a loan estimate. If you are satisfied with the estimate you have been offered you can move forward with processing.
The main step in refinancing your house in Atlanta, the conclusion and finalization of the transaction, is the processing of your loan. During processing:
- You will provide all necessary documents
- Get your home inspected and appraised
- Your loan will go through underwriting to ensure everything is as expected
- You will lock in your rate
- You will sign your loan documents and your loan will be funded!