The Real Estate Loan Decisions Services'
Refinance Tutorials
"Due Diligence" is the act of thoroughly reviewing an undertaking prior to making a decision. Without exception, all homeowners should review all angles of the refinance prior to searching for a mortgage originator. A mistake can cost the homeowner thousands of dollars. If the decision has to be completed without review, forget the refinance.
Refinancing a home loan has its cost. In many cases that cost includes prior P&I monthly payments, as well as the loan cost associated with the loan refinance. Don't sacrifice equity for a marginal reduction in the monthly payment.
Always consider reducing the loan term i.e.
30 year payment for a 20 year payment.
It's the same old story, the homeowner must qualify for the loan. "Loan To Value" (LTV), credit history and credit score are the key components of the qualification process. Monthly gross income is important, but can be marginalized or eliminated with a low LTV and a high credit score.
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