When we get a dip in interest rates everyone seems to hear it on the news and in a day or two pick up the phone and call their mortgage loan officer. By then we may have been up and down 10 times. If you are in the market for refinance here are a few tips to put you in the best possible position.
1. If you feel certain you are going to refinance, go ahead and call your loan officer for approval.
2. Provide all documentation and RESPA's.
3. Let your loan officer know what rate you are willing to accept.
4. Be patient and wait for the call to say you are locked. We are up and down all throughout the day and depending on many factors the loan officer may have only a short window to get you locked. There is usually not time to make phone calls, play phone tag and still be able to get best pricing.
5. Move swiftly if anything else is required after the file has been underwritten.
6. Close with ease.
Today, we cannot lock rates and not follow through on the loan. If we do, this hurts our standing with the investor.
Hoping this will make your transaction smooth as silk.
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Question: If I am not upsidedown and just want a better rate than the 6 1/8 I currently have is there any chance that my lender (Country Wide) would be willing to refi me at say 4 7/5 or 5.0 percent sometime this year? JC in Vegas