A lot of people go into the home buying process without a solid down payment. You want to be on the same page as your lender at all times, and this means seeing what they see and knowing what they know.

Good Mortgage Moves to Make

Your mortgage search can only be successful when you know what moves you must make

We do not want you to go uninformed of those moves and that is why we have compiled a list of smart things for you to do. It is one thing to get a successful bad credit home refinance, but you also need to get a good mortgage that truly works for you. It can save you a lot of trouble down the road.

Have a Good Down Payment

A lot of people go into the home buying process without a solid down payment. A down payment is so important because it can control your monthly payments as well as your interest rate. You should always look to impress your mortgage dealer, and a down payment will do just that. Ten percent of the home's value will not cut it as a down payment in many people's eyes. You really need to pool your resources together and come up with a good down payment. The larger the down payment the less of a risk the lender will see you as. They will then work with you on a more favorable level.

Keep Track of Important Documents

Anytime you receive a document from your lender keep it, and anytime you send your lender a document make a copy of it. You want to make sure you have solid documentation so nothing gets lost in translation. You want to be on the same page as your lender at all times, and this means seeing what they see and knowing what they know. You want to be prepared at all times and make sure they do not try to pull any tricks on you. Be smart and keep all the documents needed, because you never know when they will come in helpful.

Know When Your ARM Resets

If you get an adjustable rate mortgage then you know the rate can change for the good or for the bad at any time. This can often time happen at a moments notice. People will not see this change coming and it can really hurt you. Normally they will allow you to keep your introductory rate for 3 years. When that fourth year rolls around your rate will be reset and then adjusted. This can see a sharp adjustment up, meaning you will be paying more. It is important that you locate this date on your contract. Your contract will tell you when the rate will adjust, so you can be prepared. If you do not see this date, then ask your lender.

Be Smart About Refinancing

Throughout this website we have told you that we want to help you with bad credit home refinance. This is because it is such an important part of your overall mortgage process. One of the reasons you should refinance is because your house has gained in value. If your house has seen a decline in value then you should probably stay away from refinancing. The more equity (growth) you have in your house the easier it will be for you to refinance. Make sure you do your research before you go through with any bad credit home refinance. Examine the relationship you have with a lender.

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Why you should refinance your home. The best mortgage moves you can make.