Thinking about refinancing? Here are two ways to help the process go as smoothly as possible:
Don’t take too long to respond to lender requests. The more quickly you can get requested paperwork and information to your lender – and ultimately to the underwriter – the better. Keep in mind that a lot of other people are refinancing right now, too. Respond quickly (the same day if you can) to any additional requests during the loan process. Not responding to your lender in a timely manner could delay closing your loan.
Don’t wait too long to lock in a rate. Many borrowers are hesitant to commit to a mortgage rate because they think they will be able to get an even better rate later on. The problem with waiting is that rates could also go up. At some point in the process, you’ll need to pull the trigger so that your lender can move forward.