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Questions of Refinance


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Call your lender and ask. You might be surprised.

2nd calling your lender first, tell them you are looking to modify your loan. Suggest you are thinking about refinancing with another bank, ask them what they can do for you. By going with you existing lender, any closing costs will be greatly reduced. As for an appraisal, if needed they mostly do a drive by look. Depending on your situation and value, it might be advisable to check other lenders, to see what they can offer.

First get you own credit report, so you know your scores. When talking to people, state you do not want you credit ran. Having too many people run your credit in a short period "WiLL lower your credit score". If they say they need to look at it, you can email them a copy.

Second know what your value of your home is compared other home values in your neighborhood. Plus what you owe on your existing balnce. That ratio will be used to calulate the LTV score.

Third - leanders are looking for you to prove the last two years of working in the same line a business. Know how much your monthly income is, vs what your monthly installment and revolving payments are.

By getting all your information organized and giving correct information to questions asked. Will only help get the the answers you want to hear.

Good Luck.......:)++

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