The Federal Reserve's plan to lower interest rates is working...

With interest rates again below 5.00% and lenders getting backed up,  I thought I would pass along a few tips to make the refinance process a little less stressful. 

1. Get an accurate balance of any mortgage liens on your property- 1st, 2nd mortgage's or HELOC's, or other items you may have purchased that are liens on your property ie. new windows, furnace.  If you plan to keep your HELOC (home equity line of credit) open, contact that lender and ask for their "subordination requirements" and get a contact number for that department.

2. Pull together all the necessary items you may need in order to speed up the application process:
    A.  2008 & 2007 W2 Forms
    B.  Paystubs - Covering a 30 day period'
    C.  1-2 Months bank statements - all pages
    D.  1-2 Months stock, retirement or other asset account
    F.  2007 tax return if self employed, you have investment property, or commission income
    G.  Name & Phone number of your homeowners insurance agent
    H.  Copies of your current mortgage statements - helps the escrow or title company order your payoff statement.

3. Be available for the appraisal appointment as soon as the appraiser can come out.  - Otherwise they may not be back in your area for a few days.

4. Plan to spend 5-15 minutes on the phone asking questions about the process, timing, and other factors involved in refinancing your home.

Another thing to remember, Not everyone can benefit by refinancing! 

There has to be a clear benefit before you should consider refinancing.  If you would like a second opinion on refinancing and have already selected another lender, feel free to use us as a second set of "eyes" to make sure your getting the right loan for you're particular situation.  My direct number is (253) 472-1500 ask for Kevin