You’ve decided to refinance your home in Brevard, and now you’re wondering what to expect from the whole process. Refinancing can help homeowners reap substantial financial rewards, and our goal as Brevard’s local mortgage lender is to make sure that our clients understand the steps they will take as they refinance their home.

Figure Out Your Goals

There are many of great reasons to refinance, so which one of these sounds most like your most important goal?

  • Consolidate debt
  • Get rid of mortgage insurance
  • Remodel or invest in home improvements
  • Retirement planning
  • Lower your term from 30 years to 15 years

These are just the most common, but there may be other reasons you’d like to refinance. Regardless, once you figure out your goals, you can take the next step and speak more effectively to your loan officer about your individual needs and expectations.

Check Your Credit Score

Your credit score plays an important part in determining your new interest rate. Before you apply, be sure to check on your credit score and make sure that everything on your report is correct. If there are any issues or errors, you will have time to correct them or take steps to improve your score.

Know What Your Home is Worth

When you apply to refinance, your lender will order an appraisal to find out how much your home is worth. Before you apply, you should check the sale prices for comparable homes in your area, the key words here being sale prices. Listing prices are not necessarily accurate representations of home value in your area.

Understand the Costs

The cost of refinancing will include not just lender fees, but title, taxes, and potential additions to your escrow and insurance. It is crucial to make sure that your lender is transparent when it comes to these costs, laying them all out for you at the very beginning of the process. Here at Morgan Financial, we will perform a cost-benefit analysis to determine if refinancing makes the best sense for you and to make sure you understand the costs upfront and early.

Speak with a Professional

In the end, having a team of professionals on your side will insure that your questions are answered and that you are making a great choice for you and your home.

Click here to make the first step toward refinancing your home, or call our local Rockledge office at 321-265-4000 today to get started.