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Refinancing



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SUCCESSFULLY ACHIEVING YOUR REFINANCING
If you are considering refinancing your mortgage, now is the time to do it. Mortgage rates are at their lowest rates in years. Below are some common tips that will ensure a stress free, speedy refinance process.

Know why you are refinancing!
Refinancing because rates are low should not be your goal. Are you refinancing to lower your payments? Get a fixed rate? Consolidate your debt? Or perhaps you need to some extra cash out of your home? The more prepared you are, the better Star Loan Services will be able to help guide you in the right direction.

 

We offer many different loan products, all of which are vastly different, each satisfying different needs. For example, if you are interested in achieving the lowest monthly mortgage payments possible, an interest only loan would achieve that goal. However, an interest only loan is a smart choice for only a few homeowners.

A loan that adjusts monthly or annually will offer a very low rate initially. This rate will rise as short-term adjustable rise above today's long term rates. There type of loans are called hybrid adjustable-rate mortgages. They have a low introductory rate for three, five, seven or 10 years. These loans then adjust annually after the intro rate expires. These types of mortgages are good for people that are anticipating moving before the introductory rates expire, or moving shortly thereafter.

You can amortize your new loan if you are looking to lower you monthly payments but don't want to increase the term of your loan. This means keeping the amount of time on your loan the same and adapting the your new interest rate to the existing term. You can even lower the term of your loan when you refinance this way.

Check Your Credit!
Credit ratings impact mortgages. Therefore, be smart and get a copy of your credit report before you apply for a refinance loan. You need to make sure that your credit score is what it is supposed to be. This means making sure that your credit information is being reported accurately. We suggest purchasing a 3-in-1 credit report. A 3-in-1 report has your credit information from all three of the major bureaus.

You can learn more about how your credit influences your loan request.

Prepare your paperwork!
Star Loan Services will let you know what documents and paperwork that you will need in order to complete your refinance request. Having all of this information prepared will help ensure a speedy process.

Locking in
If you want to ensure that you get the interest rate you are looking for, lock in as long as you can! Although Star Loan Services can close you refinance request in 5-7 days, issues often arise in way of the applying person and their personal life, resulting in loans not closing as quickly as anticipated.

Be in contact with Star Loan Services or the lender handling your loan!
It is always a good idea to stay in touch with your lender and call them frequently to make sure that the loan process is going as planned.


 


        

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