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Mortgage Refinancing Guide

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With consumer credit card debt and home values both at an all-time high, there’s never been a better time to refinance. Homestead has a variety of programs to fit your needs. Plus, we’re a direct lender. That means we do the entire loan from application to closing. There’s no middleman. We close fast too!

Reasons to Refinance

There can be several reasons to refinance. Here are the top ones:

  • Lower your interest rate
  • Shorten the loan term
  • Consolidate debts
  • Get rid of PMI
  • Get cash out for home improvements
  • Get cash out to buy an investment property

How to Tell if You Should Refinance Your Mortgage

There are lots of advantages to refinancing. Here are some of the benefits:

  • Lower your interest
  • Shorten the term of your loan
  • Save money over the life of your loan
  • Lock in a low fixed mortgage payment
  • Pay off debts and high-interest credit cards
  • Remove private mortgage insurance (PMI)

Which of these advantages would help you the most?

Property Value

Do you know how much your property is worth? Maybe you have a good idea if you’ve been watching the sales in your neighborhood. When you apply for a refinance, one of the first things we do is get an appraisal.

Sometimes an appraiser will need to come out to your property. But, whenever possible, we use an automated service that determines the value. The value of your property is determined by the square footage, age, condition, and comparable sales, usually within the last 90 days.

Appraisal Tips

If an appraiser is coming out to inspect your property — make sure they’ll have an excellent first impression. From curb appeal to a well-kept interior and exterior, here are our top tips:

  • Yard — cut the grass, pull the weeds, pick up any toys and bikes, and put them away.
  • Porch — sweep the porch, paint the front door if needed, and create an inviting entrance with a new doormat and flowering potted plants.
  • No odors — make sure the inside of your home smells fresh and clean. If needed, have the carpets cleaned. Replace pet beds, get rid of litter boxes, open the windows and let the fresh air in.
  • Unclutter — pick up every room and eliminate the clutter. You’ll feel better, and the appraiser will be impressed.