Buying or Refinancing Your Home This Summer? Tips for Success

Buying or Refinancing Your Home This Summer? Tips for Success

Summer�s here. That means schools are out, vacations are planned and the daily drill changes. One great big change is to buy a home and the summer months are the most popular for those buying a new home. It�s easier to make the switch when public schools are out for the summer and if moving to a new system the kids will be in their new home and ready for the fall. Or, maybe you already have a home and a mortgage and are thinking of refinancing your current loan. Perhaps rates have fallen for you or you want to switch from an adjustable rate loan into a fixed. Either way, if you�re seeking financing this summer, you need to know these tips.

First, know exactly where you stand regarding your credit history. Even though you certainly think your credit report is just fine, thank you, you should pull up a credit report on your own if not for anything but to look for mistakes. Reporting errors are unfortunately relatively common on credit reports so make sure you know what your lender will be looking at.

Start gathering your financials. This means getting copies of items your lender will be asking for. Dig up your two most recent W2 forms for the past two years and make copies of your pay check stubs. Your lender will ask for those. If you�re self-employed it�s time to make copies of your federal income tax returns for both personal and business filings. Your lender will also need copies of your bank statements.

What can you afford? There�s certainly no shortage of online mortgage calculators but you really should have a brief conversation with a mortgage loan officer who can provide you with some very good estimates regarding how much you could qualify for as well as provide you with monthly payment information based upon your current situation.

By simply following these basic steps you�ll find the loan process will be a smooth one and you won�t be hurrying around gathering paperwork while you�re in the middle of making a move or preparing for a refinance. Even with a refinance and you�ve already been through the approval process, it�s probably been a while since you documented a loan file. You want to speak with a loan officer first.