Reducing Stress during Mortgage Refinancing

By Allison E. Beatty
Local Lender Columnist
Mar 12, 2007
Low interest rates have kept Georgia's mortgage community busy for several years. The busy climate sometimes causes anxiety in some home owners, as they try to get in on refinancing deals while the rates remain favorable. Here are steps to take to reduce stress in this mortgage environment.

Be Prepared For Refinancing Application

Before meeting with a Georgia mortgage lender, get all your paperwork in order. You'll need to know the approximate balance on your mortgage loan and any second mortgage. Also gather paycheck stubs and other income verification.

Determine Reasons for Refinancing

Before applying for a mortgage refinancing in Georgia, determine why you want to refinance. Do you want to reduce your monthly mortgage payments or take cash out of your home equity when you refinance? This will help the mortgage lender determine the type of refinancing package for you.

Lock in Mortgage Interest Rate

One you've chosen a Georgia mortgage lender and narrowed down your refinancing options, lock in an interest rate when the lender recommends it. Mortgage lenders keep a close eye on the home equity and refinancing market and can tell you when it is prudent to lock in. This will:

• Reduce the stress that comes from living in limbo.
• Give you reassurance that your mortgage rate will not rise.

Stop Checking Rates and Refinancing Ads

It is easy to get caught up in mortgage information when you are applying to refinance. It can be stressful, however, to keep checking rates and wondering whether you got the best refinancing deal. Once you turn over the loan to a mortgage professional you trust, relax and let him or her do the work.

About the Author
Allison E. Beatty is a syndicated real estate writer who has been writing columns for 15 years.