I Live in Edison, NJ How do I Refinance my Mortgage with Bad Credit?

I was able to refinance my mortgage and you can too. While many people look to financial counselors and advisers to do their research for them. With a little time and patience, you can complete the process yourself. Formulating a plan and acting on it in a methodical and logical way will get you to the end of the rainbow and put some gold into your hands!

First, gather all of your financial information and take an honest look at your financial situation.

See exactly where your debt is and what it will take to lower it. Check out your online credit score. Analyze and eliminate any bad debt you may have. Gather all of your credit cards together and look at what you owe and ways to lower or consolidate the amount before you begin the loan process. This process, if done correctly will take one to two weeks in general.

Once you have assessed the specifics of your current situation, your next step is to research your current mortgage. Find out the exact rate, how much longer you have to pay on it, your current principal balance amount and any regulations on early payoffs or potential fees for changing the loan. Once you have this information you will be ready for your next step.

Edison, NJ, How do I Refinance

You are now ready to go online or hit the pavement and research banks, mortgage companies and other lending institutions. Find out what they are offering and what their terms and conditions are. Any time you find a bank that has a better loan offer than your current loan, bookmark it and put it aside. Look at both local and regional banks as well as national banks and lending companies. They all have lots to offer and the more you know, the better decision you will make.

When you have four or five banks selected, go ahead and begin the pre-approval process. You can apply online on a secure site, over the phone with a representative, or in person at a local bank. Doing it online is the most convenient and can put good information into your hands quickly. Go ahead and apply to all of the banks on your list and see what you get pre-approved for.

Once you have this information you will be ready to make your move. Follow through on the two best offers, or if you have similar offers, try a national bank and a local bank in Edison, NJ. See what they can offer you in terms of closing costs and fees.

Will they expect cash up front or are they willing to swallow those costs into the loan. Will they keep your mortgage or sell it once you have signed on the loan and gotten your refinance. Use the best offer to get a better one at your favorite bank. They will be competing for your business and will work hard for you if they see that you know what you are talking about.

Once you have completed this process independently you will have a good working knowledge of your finances which will help to keep you safe in this struggling economy. A new loan and financial security are in your hands!

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