Do’s and Don’ts for a Refinance

  • Don’t be 30 days late on your mortgage. Yes, you will likely skip one or possibly two mortgage payments but check with your loan officer before deciding to not make your mortgage payment.
  • Do put a priority on sending us documents as soon as possible. Delays can cause rate lock extension fees!
  • Don’t plan a vacation toward the end of your escrow period if you can help it, we’ll need you to sign in person with a notary before we can close and you may need to wire funds to close.
  • Do make sure you have a carbon monoxide detector on each level of your home and ensure your water heater is double strapped to the wall for safety (unless it’s a tankless water heater). The appraiser will check both of these items during the inspection.
  • Don’t delay the appraisal because you want your home to look perfect for the appraiser. As long as things are tidy, that is fine. The appraised value is mostly determined by the comparable sales and the general condition of the home.
  • Do make sure you have no active construction in your home when the appraiser visits your home. Lenders will require flooring in your home, a working toilet, oven, heater and your utilities must be turned on.
  • Don’t have an illegal unit/kitchen in your home. The lender may require you to remove the oven and require you to cap the gas line.
  • Do make sure you have water in your pool or at least a safety fence around the pool if there is no water in the pool.
  • Don’t have any rooms in the home that an appraiser is unable to access.
  • Don’t purposely hide information regarding assets, income or liabilities. We would rather know what we are dealing with upfront than have it pop up at the end of the process.
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