Albuquerque Mortgage Refinancing - What Need to Know Before Refinancing

If you are in the process of refinancing your Albuquerque mortgage, there are steps you should take prior to refinancing that will ensure you qualify for the best loan possible. Doing your homework and researching Albuquerque mortgage lenders will even help you avoid costly mortgage mistakes. Here are several tips to help you prepare for refinancing your Albuquerque mortgage loan.

Albuquerque Mortgage Refinancing - Clean Up Your Credit First

The first thing you should do prior to refinancing your Albuquerque mortgage is request copies of your credit reports from each of the three credit agencies. Credit records are maintained by three separate companies and are prone to mistakes. Having inaccurate information in your credit reports will significantly damage your credit score and the interest rate you will qualify for with your Albuquerque mortgage. Once you have credit reports from Equifax, Experian, and Trans Union, carefully review these records for any errors. If you find errors you will need to dispute these mistakes and allow enough time for the correction to raise your credit score.

Albuquerque Mortgage Refinancing - Save Money

Before refinancing your Albuquerque mortgage it is important to avoid using credit for large purchases. Making large purchases using credit will reduce your credit score and negatively impact the interest rate you receive. It will help your application to start putting money in a savings account. The Albuquerque mortgage lender will evaluate your credit and assets including bank accounts and investments. The more money you can squirrel away in a savings account, the better off you will be refinancing your Albuquerque mortgage loan.

Albuquerque Mortgage Refinancing - Fix Up Your Home

If you don't have a recent appraisal, the new Albuquerque mortgage lender could require a new appraisal or survey prior to approving your loan. Appraisals are important if you plan on borrowing against the equity in your home; the more equity you have, the better your interest rate will be. When making repairs to your home, don't go overboard and replace all of your appliances as this will not necessarily improve the appraised value of your home. Simple things like a fresh coat of paint, improving your landscaping, and minor repairs give you the most bang for your buck when improving the appraised value of your home.

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Posted in: Albuquerque,Before,Mortgage,Refinancing