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What to Do Before Continuing Your Refinancing Process

If your refinancing journey hit a wall, don’t worry. It’s not uncommon for borrowers to need more than a few months to find a new loan, and taking a break can be better than getting burnt out. Starting the process over again gives you an excellent opportunity to reflect on your latest efforts, reevaluate your priorities, and improve your chances of success. Here are some tips for starting the next leg of your refinancing journey on the right foot.

1. Keep Your Finances in Order

Make sure your finances are still in good shape. Check your credit and debt-to-income ratio again, make adjustments where necessary, and remember not to make any major financial decisions, like getting an auto loan or buying expensive appliances.

2. Review Your Priorities

When you first started this process, you probably had some idea of the terms you were looking for in a new loan: lower payments, for example, or switching from a 30- to a 15-year mortgage. Now that some time has passed, your priorities may have changed, or you may be willing to relax on certain requirements you had before. Reevaluate your situation and your desires before starting your refinancing journey again.

3. Create a New Plan

Take an honest, critical look at why your refinancing process stalled. What can you do to increase your chances of getting a better loan this time? Consult your loan officer for ideas on how to get funding with the most favorable conditions.

Compared to buying your first home, refinancing should be a breeze—we know you’ll be able to secure a great loan when you’re ready to get back in the game. Talk to your loan officer about next steps so you can finish your refinancing journey together.

Contact a Loan Originator Today!