Tips for refinancing your home
Star Telegram (Fort Worth,TX)
18 November 2011
Thinking about refinancing?
-If you plan to refinance, first get a free copy of your credit report to make sure there are no mistakes on it. See www.annual creditreport.com.
-Individuals with visual impairments may request their reports in Braille, large print or audio format. Call, toll free, 877-322-8228.
-Plan to shop around for a mortgage. Lenders will vary in rules and rates. See www.bankrate.com for rates.
-Find out whether your mortgage is owned or backed by Fannie Mae and Freddie Mac. To qualify for a federal refinance program, you need to be with Fannie or Freddie. See fanniemae.com/loanlookup or call 800-732-6643. Or see freddiemac.com/mymortgage or call 800-373-3343.
-Mortgages originated since May 31, 2009, would not qualify under the new HARP program.
-If you want to refinance, get ready to provide a lot of paperwork -- pay stubs, W-2s, tax returns, etc. A lender will verify your income with an employer and will pull your credit report.
-Go to www.zillow.com for an idea of what your home is worth. You're going to need to pay for an appraisal if you want to refinance under a conventional mortgage program. But Zillow can give you a ballpark figure to see whether you owe more on your mortgage than the home is worth. In general, experts say Zillow can offer more accurate values in metro areas than rural communities.
-If you need free housing counseling, you can contact GreenPath Debt Solutions at 888-860-4167 or www.greenpath.com. Or you can call 888-995-4673 for information on free HUD-certified counseling.
Read more: http://www.star-telegram.com/2011/11/18/3537609/personal-finance-tips-for-refinancing.html#ixzz1eYRS8rwj