Mortgage Refinance Strategies during Mortgage Crisis
Mortgage rates have dropped in recent weeks as our government takes tentative steps forward on measures to heal the housing market. This means that the opportunity to save money by refinancing may have finally arrived. Don't pop the champagne bottle just yet, though. The existence of an ongoing mortgage crisis requires that you have a solid refinance strategy to ensure that you get that loan approval, and that you don't spend more than you should in closing costsLenders are ultra cautious about giving approvals for new mortgage refinances right now. Assuming that you have a strong credit history and measurable home equity, this shouldn't keep you from obtaining a refinance approval. But it might keep you from obtaining it quickly. Expect your lender to ask for documentation on every number listed on your mortgage refinance application. Prepare by having your bank statements, pay stubs, and tax returns organized and accessible.
