When you’re planning on refinancing your home loan, there may be plenty of questions you want answered before making any financial decisions. Does refinancing really cut down on your monthly payments? Does the interest rate stay the same?
MaxCash is here to cover exactly what refinancing a home loan could do for you, and how you could get started on the process.
Refinancing Step 1: Getting Started Online
The first step you’ll need to take when refinancing your home loan is to visit the MaxCash website and navigate to the inquiry webpage.
The inquiry form will ask you to provide some personal information, such as:
- Your Home Address – To help you find a lender in your area, we ask customers to provide a home address. Lenders will also need to determine the nature of the home to better assess the loan value.
- An Estimate of Your Monthly Income – Your monthly income is an important detail necessary for any loan inquiry. Your estimated income gives lenders an idea of how much you’ll be able to afford each month so they may better personalize your monthly payment amount.
- Your Contact Information – During the process of tracking down a lender to refinance your home loan, we will need to contact you. Providing MaxCash with your name, email, and phone number, allows for a smooth process.
- Information on Your Past Loan – This is generally the most important part of the form you’ll be filling out. Your lender will need to know the statistics of your prior loan, including the terms, interest, etc. When refinancing, the details of the loan change to better help the borrower.
Once you’ve finished inputting the information above, go ahead and submit your inquiry for a refinanced home loan.
Refinancing Step 2: Tracking Down the Right Home Loan Refinance Lenders
Once your information is received and verified, MaxCash can begin the process of tracking down a lender for you. MaxCash’s ingenious referral system does all the hard research work for you, making the home loan refinance process a breeze.
MaxCash will start the process by using your location. They have access to a nationwide list of lenders, but they’ll narrow down the search to lenders in your area. Lenders will be presented with your prior loan’s information and asked if they’d like to work with you. Those that are interested will continue on with MaxCash into the next step.
Refinancing Step 3: Negotiation for an Affordable Home Loan Refinance
When you’re making any large financial move, at some point, you’ll need to be doing some negotiating regarding the terms of the deal. Arguing for better deals is important, but if you’re not skilled at negotiating financial matters, you can end up paying way more than necessary. That’s why it’s so great that you have the experts at MaxCash on your side.
Knowledgeable MaxCash agents will haggle with lenders by making a case on your behalf. They ask for better terms, lower rates, and lower monthly payments. MaxCash is financially savvy, and they know which questions to ask in order to acquire important information.
MaxCash will end up narrowing the results down to just one ideal lender after speaking with numerous lenders and comparing offers.
Refinancing Step 4: Home Loan Refinance Confirmation
With your ideal home loan refinance lender found, it’s time to move onto the last step and get in contact with the direct lender. Usually, you can accomplish this in one of two ways: either you can speak with the lender directly over the phone, or over the internet via email. Either method allows you to get to the last part of the process: final negotiations.
There you’ll discuss the nitty-gritty final details of the loan, notably including the method by which you can swap funds. There are three main methods by which this can occur, those being an in-person meeting, an exchange via mail, or an online transaction via various online money transfer websites. Each method accomplishes the same goal: receiving your funds.
So long as you stick to your repayment plan, you’ll be all finished with the home loan refinancing process. It’s just that simple! So simple, in fact, that you can contact MaxCash right now to get started on your refinanced home loan!