There are a number of reasons for homeowners to consider refinancing their home. But such a decision should only be made after a lot of thought and should never be made lightly. There are a number of reasons why it may make sense to refinance your home provided all the conditions are right.
Some of these reasons may be:
Whether you’re purchasing your first home, or what you hope will be your last home, preparing for closing is a lot of hard work. You have to secure financing, schedule home inspections, make moving arrangements, and sign a lot of paperwork. There’s nothing like finding the perfect home, but preparing to close can be a little overwhelming.
Buying a home is one of the most important events in your life, and even the most straightforward deals involve a lot of advance preparation. It’s important to be sure that everything is in place, so that there are no surprises before closing.
This past October, a seismic shift occurred in how home mortgage applications are processed and consummated, and these changes have resulted in important conversions in how you’ll interact with your lender. It’s called “Know Before You Owe,” implemented by the Consumer Financial Protection Bureau, after the Dodd-Frank financial reform legislation was passed into law in the wake of the 2008 financial meltdown.
Congratulations! You found the perfect new home, and they accepted your offer. You’ve completed the home inspection, secured financing, and the only thing left is to set the closing date. It’s an exciting time, but also one that many approach anxiously.