Artfully, refinancing your home might provide you with a little bit of money to do some much-needed remodeling or updating of your property. You know the interest rates are good right now, and a “re-do” on your current mortgage might be financially advantageous.

So, Palm State has boiled down eight essential secrets behind successfully instituting a refinancing of your loan. Refinancing is defined as “The repayment of a debt from the proceeds of a new loan using the same property as security.”

Eight Essential Secrets Behind Successful Refinancing Of Your Home

You might be able to save hundreds or even thousands of dollars over your current loan, but you will have to do some patient paper work for the prize.

1. Secret Dollars–The Tax Advantage:

Did you know that you will receive a little extra tax advantage for the closing costs when you re-finance your home?

2. Secret Source of Remodeling:  Refinancing–A Financial Do-Over (but better!):

Palm State Mortgage Company wants you to think of your refinancing situation in the same manner that you did your home purchase. We would be remiss if we did not tell you that the very first step of refinancing your home is to find a reputable lender that will help you with integrity and expedience. We do that; we help you find the best lender for your situation. Find out more at this reader-friendly site. 

3. Secret Mind-Set:  Documentation Is Not Docu-drama!

Be prepared for detailed paperwork! You will be expected to provide documentation. 

You know from buying your home in the first place, that lenders are nosey, so get into the meticulous mindset you need to prove three big things on paper: 

A. Who you are…
B. How much money you make…
C. How much money you owe…

4. “Not-So” Secret Shopping Around Lenders!

Palm State mortgage will shop for you, finding several lenders in few short days.

5. Secret Key to the Future of Your “Re-Fi”–Statement of Payoff :

You will ask your current mortgage holder to provide a statement of payoff. This is a document that simply shows how much you currently owe on your mortgage.

6. Your Home Sweet Home–A Careful Estimate of Worth:

It is no secret that the next step is an appraisal. This is necessary so that so that all concerned parties know the true value of your home.

7. Secret Number Seven, on the Way to Mortgage Heaven:  Gather Details of the The Nitty-Gritty!

An interest rate will now be locked in place for sixty days. There will be papers to sign authorizing the release of the appraisal to the mortgage company.

8. Secret Revealed: The Paper Chase:

You should be prepared to also submit the cover page of your homeowner’s insurance policy. This will show the coverage you have on your home.
Once all of this paperwork is assembled, a registered title company will be issuing a tentative closing date to you.

There are checks and balances at each step. “It is the title company’s job to make sure that all documentation and title pass from the current bank to the new one at the settlement table.”
At last you will sign your paperwork and title documentation over to your new lender. Sometimes this means the same lender as the mortgage company that you currently have; other times it means a different mortgage company or that Palm State Mortgage Company has found a better loan option.

These 8 steps are not really secret!

These eight secrets are unified by one special secret step:  Patience. At Palm State, we are so proud of clients who quickly come to the realization that all the parties concerned must be in compliance with many governmental requirements for detailed paper work.

This can be disconcerting or cause you to feel like your privacy is being invaded, or your honesty is being questioned. The secret to success when you refinance your home is actually the objective patience you must have with each step of the paper chase involved in the process.

Remember, Palm State Mortgage is here to help you with your refinancing options, every step of the way to success.