My New Blog

Rates are at historic low. But wait, there's more:

1. Appraised Value. Consider a possibility that your house may worth less than what you think it's worth. Know how much you owe and what the Loan-to-Value is when the appraiser arrives. 
2. Obtain conditional approval and lock the rate (30 day lock - cushion for any financing contingency).
3. Do not start home improvements project prior to appraisal being completed.
4. Consider shorterning the maturity from 30 year to either 15 or 20 year mortgage. Rates are still attractive. But, payments will go up.
5. Credit score preferably at 720. Minimum requirement is 620. Check for Dispute Account which can snag the refinancing process.
6. New rule starting this year - Do not open any new account until the financing process has been completed. Even soft inquiries need to be explained.