Speeding up the Refinancing

You should move fast once you’ve made the decision to refinance your mortgage. Here are some reasons why you need fast action.

Volatile market: Mortgage rates sometimes change in the blink of an eye. Often times they drop slowly but rise very quickly. Delaying the loan funding may turn out to be a costly mistake.
High competition: When you’re ready to make your move, a lot of other people probably are, too. The lower the interest rates, the more competition you’ll face trying to get hold of the lenders.
More savings: The sooner you get the new improved financing in place and start saving money, the more benefit you can get.
Credit score: Every time you apply for credit, your credit can go down. However, it won’t hurt if you do your mortgage shopping in a relatively condensed period of time.

Now, if you want fast action, here are some strategies to speed up the process.

Educate yourself about the basics of refinancing and have a clear picture of what kind of loan programs you want before you apply.
Rather than try to wait and hit the absolute bottom, find the best deal you can and lock it in.
Shopping for the best lender is an excellent idea, but once you find one, stick with him (her). Submitting loan applications to many lenders might end up competing with yourself for a limited supply of appraisers and title officers.
Make things easier for the appraiser so your appraisal can be completed fast. For example, providing the appraiser with information such as a floor plan of your home, copies of invoices for any improvement and (or) comparable sales data will quicken the appraisal process.
Fill out your loan application completely and have all the paperwork ready. Provide lenders with all information they need so lenders don’t have to come back and ask for it.
Ask your current and prospective lenders if they have any programs to get you to the finish line quicker.
Use the Internet not only to shop for rates but also to apply the loan. Those who apply online can get the process started immediately circumventing the waiting line. à apply a loan