Preparing your information to shop rates

There are common questions asked when you first speak with lenders about refinancing your home. Here's what to anticipate.

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When shopping for a loan, lenders will need to ask you for some basic information in order to initially quote you rates. Here is what you can expect to be asked when first speaking to lenders. (we did the homework for you😉)
  • The property address
  • Type of refinance and your goals: Rate & Term or Cash-Out
  • Term: 30 Year Fixed, 15 Year Fixed, etc.
  • Middle Credit score: 760, 740, 720, 700....
  • Estimated property value: $850,000
  • Current mortgage balance: $510,000
  • 2nd Mortgage: ****Yes or No
  • Occupancy type: Primary, Secondary, Investment Property
  • # of Units: 1, 2, 3, or 4
  • Property type: Single Family, Townhouse, Condo, 2-4 Unit
  • County: Los Angeles, San Francisco, San Diego, Fresno, ...
  • Self employed: Yes or No
You might also be asked about your work and income. They'll want to know if you've recently run into financial trouble, like bankruptcy, foreclosure, or stopped payments because it will be harder for you to qualify. They will probably want to make sure you are still currently working. It's also common to ask if you're in the military because there are specific loans for military persons with different guidelines. 
This should be enough to get started and see what rates may be available to you should you decide to refinance. Once you take the next step and apply, there will be further documentation and information needed. So, it's always best to be organized.