With home values at record highs, refinancing a home at Lake of the Ozarks is a great financial decision for many. Refinancing your home is essentially repurchasing your home at the current rates. While it isn't as complicated as buying a home, there are many similar steps that will need to take place. Our mortgage lender at Lake of the Ozarks is here to help guide you through the entire refinancing process!
Evaluate Your Financial Health
Many of the same documents that were required when you initially purchased your home are needed to refinance. Pay stubs, W-2 tax documents, and bank statements are all documents your lender will need to evaluate to get a snapshot of your current financial health.
Determine Interest Rate
Your interest rate will be determined based on many factors, some of which include your credit score, debt-to-income ratio, and current market conditions. Once your interest rate is determined, your lender can lock in that rate while your loan is going through underwriting to ensure all of your submitted documents are accurate.
Appraise Home Value
An appraisal will need to be conducted on your property to determine the estimated value in today's market. An appraiser will come look at the property, as well as evaluate comparable homes in the area to help determine the appraised value of the home.
Closing
Just like when you initially purchased your home, you'll go through the same closing process. This typically includes you, your lender, and your title company all coming together to review and sign the final closing documents.
There are many situations in which refinancing your Lake of the Ozarks home is the best decision for you. Our team of lenders in Osage Beach, MO will help you evaluate your current situation and make suggestions as to the best financial steps for you. Team Lasson can't wait to help work with you through your refinance! If you'd like to get the ball rolling on refinancing your home, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com.
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